conventional loans
UNDERSTANDING CONVENTIONAL LOANS
Conventional loans are actually any type of creditor agreement that are not financed by the Veterans Administration (VA), or supported by the Federal Housing Administration (FHA). In general, all conventional loans are protected by the government sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC).
There are two different types of Conventional loans; Conforming and Non-Conforming loans. Conforming loans have to meet the guidelines set by Fannie Mae and Freddie Mac. Any loan which does not meet guidelines is a non-conforming loan.
Advantages:
Lower Fees: Fees associated with Conventional loans frequently are lower than other loan products because the lender sets these rates.
Interest Rates: Lenders determine the rates to offer borrowers based on their credit scores. A person with a solid credit score is often able to secure a lower rate.
features:
- Down payment required
- Higher Loan Limits than FHA
- MIP not required over a certain Loan-to-Value (LTV)
Equal Housing Opportunity Lender. Please note that all information is provided for informational purposes only. This information does not represent an offer or commitment to enter a loan agreement by West Park Mortgage Group, LLC (WPMG). Not all programs are available in all areas and rates and costs stated do not apply to all loans made. Terms and programs listed are subject to change without notice, not call clients will qualify. WPMG only conducts business in approved states. WPMG is an Equal Housing Opportunity Lender. For complete licensing information go to http://www.nmlsconsumeraccess.org . West Park Mortgage Group, LLC – NMLS 2185901 www.westparkmortgagegroup.com
