Conventional Loan

The conventional loan is the loan you strive for. To put it simply, a conventional loan will save you cash. One of the biggest misconceptions about a conventional loan is that you have to put a 20% down payment at closing. When in reality you can put a 3% down payment at closing, the only caveat being it will come with PMI (monthly mortgage insurance). But with a conventional loan, once you have paid off enough of the loan, the PMI will drop off. Do not let banks, or other mortgage companies tell you to go FHA just because you can’t put 20% down. A good lender will look at your entire situation and work with you. It is important to understand all the options you have, and what works best with you. The maximum amount you can borrow, using a conventional loan, is $484,350. After that you have to get a “Jumbo Loan” which we can get into later. When you call our company, we will walk you step by step through YOUR entire process. That means we will break down every aspect of what loan works best for you and your situation. We will make sure you have every option, explained in a way you will fully understand.

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