Conventional Mortgage Overview
Conventional Loans are mortgage loans offered by non-government sponsored lenders. It is referred to as a non-GSE loan. A non-government sponsored entity. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. Conventional Loans maintain a reputation of being a safe type of loan, and there are a variety of Conventional Loans to choose from as well. Kara Davis, of Crew Lending, is happy to offer flexible finance options and great rates on Conventional Loans in Lake Charles, Sulphur, Westlake and the entire state of Louisiana. For more information, click here or call Kara Davis at 337-842-0115.
Conventional Loan Uses
A Conventional Loan can be used to purchase a new property, refinance your existing mortgage or renovate/rehabilitate a property. Cash out refinance options are available to purchasers who are in need of consolidating debt while rate/term refinance loans can lower interest rates or shorten terms on a Conventional Loan.
Conventional Loan Benefits
A fully amortized Conventional loan is a mortgage in which the same principal and interest payment is paid every month, from the beginning of the loan to the end of the loan. Two important factors of a Conventional Loan are the term of the loan and the loan-to-value. They can be whatever the eligible borrower is comfortable with. Eligible borrowers can put a down payment of as little as 3% on a Conventional Loan. However, if the loan-to-value is higher than 80% the borrower will pay private mortgage insurance. The interest rate on a Conventional Loan can be fixed (does not change throughout the life of the loan) or adjustable (adjusts in accordance with loan product).
Conventional Loan Requirements
To qualify for a Conventional Loan the borrower must have a minimum credit score of 620. Credit score, assets and debt-to-income requirements on a Conventional Loan are stringent.
Kara Davis is a Trusted Conventional Loan (Fannie Mae or Freddie Mac) Lender
Kara Davis from Crew Lending is happy to help her clients with all of their Conventional Loan needs in Sulphur, Westlake, Lake Charles and the entirety of Louisiana. For those looking to purchase a home, refinance to shorter terms and a lower interest rate or consolidate debt, Kara Davis can help! While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options. Click here or call 337-842-0115 with any questions you have on a Conventional Loan or how to get qualified!