Conventional Loans
Sydney Morris
NMLS# 1719788
Colleyville, Texas Loan Originator
Sydney Morris
-
-, AL 00000
US
(214) 952-0340
NMLS# 1719788
Licensed to originate: TX
| Day of the Week | Hours |
|---|---|
| Mon | Closed |
| Tue | Closed |
| Wed | Closed |
| Thu | Closed |
| Fri | Closed |
| Sat | Closed |
| Sun | Closed |
Calculate Your Conventional Home Loan Payment
About Conventional Loans
Conventional home loans are those not guaranteed or insured by government agencies (like the Federal Housing Administration, the Department of Veterans Affairs, or the U.S. Department of Agriculture). Conventional mortgages are not guaranteed, so any required mortgage insurance is usually paid by the home buyer. Depending on your specific situation, conventional loans can offer lower interest rates, a variety of down payment options, varying term lengths for fixed-rate mortgages, and reduced mortgage insurance (MI). If you pay MI on a conventional loan because you put down less than 20%, you typically have the option to cancel the MI when the principal balance on the loan hits approximately 20% equity in the property.
Apply for a Conventional Home LoanConventional Home Loan Requirements
Low Rates
Lower Monthly Payments
Quicker Equity Earned
Requirements for a conventional loan depend on your credit and financial history. Some of the main items your lender will consider are your credit score, debt-to-income ratio, income stream, and cash reserves. Ultimately, your lender needs to determine that you have the funds and financial foundation to pay the loan back. Since conventional loans aren’t backed by the government, the lender assumes more risk in the event of a default.
Conventional home Loans in Colleyville, Texas
Depending on your specific situation, conventional loans can offer lower interest rates, a variety of down payment options, varying term lengths for fixed-rate mortgages, and reduced mortgage insurance (MI). If you pay MI on a conventional loan because you put down less than 20%, you typically have the option to cancel the MI when the principal balance on the loan hits approximately 20% equity in the property.
Talk to a conventional home loan expertFrequently Asked Questions
Are conventional loans assumable?
If you have a fixed rate conventional loan, it is not assumable. However, a conventional adjustable rate mortgage (ARM) might be assumable after the rate has started adjusting.
Can I get a conventional loan for a fixer upper?
Looking to buy a house that needs a little work? You can get a conventional or FHA renovation loan for a purchase or a refinance transaction.
What credit score do you need for a conventional home loan?
A credit score is just one piece of your overall financial picture, so make sure you talk with a loan officer about your qualifying factors. That said, a conventional loan typically requires a credit score over 620, and all borrowers should have a credit score.