What is a conventional loan? This video will show you everything you need to know about conventional loans, the BENEFITS, and how to qualify.
Conventional Loans are offered to people meeting certain qualifications:
· Credit scores
· Minimum down payments
· Debt-to-income ratios
A few of the benefits include:
· Conventional loans do not charge the additional fees VA and FHA loans do, and usually require a standard 5% down payment. However, with 20% down no MI is necessary
· Higher qualifications like better credit scores give you access to better interest rates
Conventional loans may be conforming or non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.
The process for qualifying is much easier. Conventional loans are custom to you in relation to amortization (the number of years needed to pay the loan back). This includes a 15, 20, or 30 year fixed rate term.
For any questions, please call us toll-free at 877-265-6277 or visit us at https://www.rhfunding.com
What is A Conventional Loan
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Update* We have videos describing FHA loans and VA loans for you to watch and compare as well!
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About Residential Home Funding
In March of 2016, Residential Home Funding Corp. was named on the list of the Top 100 Mortgage Bankers in America for the fifth time. This list is compiled by Mortgage Executive Magazine annually, ranking companies not only by their total volume, but also crediting them as “high performing” in periods of uncertainty. Founded in 2000, RHFC is a large mortgage lender that doesn’t act like one. As one of the largest mortgage bankers in America, they are licensed direct lenders in 12 states including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, and VA, while still treating each and every customer like family. RHFC funds all types of transactions such as basic residential purchases, refinances, investment properties, construction loans, mixed use, and more. Residential Home Funding Corp. is a direct FNMA lender and also originates FHA and VA loans to NJ and beyond. They are a direct FNMA lender and have LAPP approval. At Residential Home Funding, there is a mortgage loan custom suited for almost every borrower, having built their reputation on service and efficiency. We Do Business in Accordance with the Federal Fair Housing Law.