bryce@atlasmortgage.group
bryce@atlasmortgage.group
Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.
Fixed Rate Mortgages: Your rate and payment never change.
Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.
For Purchase transactions Conventional Loans require the home-buyer to put down at least 5% - 20% of the purchase price of the home. For a Refinance transaction, most mortgage lenders require at least 10% equity in the property.
Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.
You need a credit score of at least 620 to get a conventional loan. A higher score gets you the best rates. Use our mortgage calculators to estimate your monthly Kansas City payments.
You can put as little as 3% down if you are a first-time home buyer. Repeat buyers usually need 5% down. Contact Atlas Mortgage to see which down payment option fits your exact budget.
Yes, PMI is required if your down payment is less than 20%. However, this fee drops off once you build enough equity. Apply now to see how much home you can afford today.
The standard conventional loan limit for most Missouri areas is $766,550. If you need to borrow more money, explore our Jumbo loan programs to finance your luxury dream home.
Yes, you can use a conventional loan to buy a vacation home or a rental property. If you want to build a portfolio, check out our DSCR loans designed strictly for real estate investors.