Conventional Mortgage Loan Program
30 year fixed conventional mortgage rates were as low as 3.5% earlier this year and has spiked as high as over 5.0% recently. Conventional mortgage rates have since been dropping the past several weeks and we now have special conventional mortgage loan programs that can benefit both purchase mortgage loan borrowers and refinance conventional mortgage loan borrowers.
Our Conventional Fixed Program Will Provide You The Flexibility And Rates You Need To Close Your Conventional Loans
We offer conventional mortgage loan programs up to 97% loan to value for primary residential homes and the minimum credit scores needed to qualify is 620 FICO. The 620 FICO credit scores are the minimum credit scores required for all occupancy types of residential mortgage loans.
Conventional Mortgage Loan Programs Are Available
- Purchase conventional mortgage borrowers.
- Limited Cash-Out Refinance mortgage loan borrowers.
- Cash-Out Refinance mortgage loan borrowers.
Conventional Mortgage Loan Terms
- 10 year fixed rate conventional mortgage loans.
- 15 year fixed rate conventional mortgage loans.
- 20 year fixed rate conventional mortgage loans.
- 25 year fixed rate conventional mortgage loans.
- 30 year fixed rate conventional mortgage loans.
- 15, 30 year fixed for High Balance conventional mortgage loans.
- Primary residence (owner occupied) which includes single family homes, townhomes, and condominiums. No condo hotel units. Condotel units mortgage loans are available on 3/1 ARM, 5/1 ARM, 7/1 ARM portfolio mortgage loan products amortized over 30 years. Index for Condotel mortgage loans are based on the one year Cost Maturity Treasuries ( 1 year treasuries ) and the margin is set at 3%. The adjustment rate after the inital fixed rate expires cannot be lower than the start rate. Please contact me for more information on Condotel mortgage loans at 262-716-8151 or at www.gustancho.com .
- 1-2 unit single family residential units.
- FNMA approved condos and PUDs (check)
- Manufactured housing.
- 2nd / vacation homes.
- Non-Owner occupied – Investment properties.
Loan to Value ( LTV ) : (Standard Primary Residence)
- 97% for Purchase conventional mortgage loan programs.
- 97% for Rate / Term refinance conventional mortgage loan programs.
- 85% for Cash Out refinance conventional mortgage loan programs.
- All mortgage insurance will be followed by Fannie Mae’s Automated Approval DU findings. Standard MI coverage required.
- Lender paid mortgage insurance program available for a slightly higher mortgage rate.
Gustan Cho NMLS ID # 873293
Related> Conventional Refinance Mortgage Loans