CONVENTIONAL LOANS
Should you go Conventional?
A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. These programs follow lending rules set by Fannie Mae and Freddie Mac and have the reputation for being the most affordable and quickest to close in the mortgage industry.
- Purchase and refinance options
- As low as 3% down payments
- A debt-to-income ratio lower than 43%
- Minimum 620 credit score
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Minimum Down Payment
The most common mortgage options for conventional loans have down payment requirements, ranging from 3% to 20%. These types of conventional loans include:
- Conventional 97 loan — 3% down
- Fannie Mae HomeReady loan — 3% down
- Freddie Mac Home Possible loan — 3% down
- Conventional loan with PMI — 5% down
- Conventional loan without PMI — 20% down
What Our Customers Have To Say
The Ideal Lending team is the best! As a first time home buyer, I felt lost starting this process but when I linked with Ideal Lending they took me under their wing. Look no further, Ideal Lending is just right for you!
Ideal Lending Solutions anticipated all of my needs and were very proactive in addressing them. They were very patient and knowledgeable and I always felt that they had my best interest at hand – from beginning to end! Excellent, personal service!
I would recommend Ideal Lending to everyone I know. They are very professional and very knowledgeable. They made sure that we got our dream home. I truly appreciate what Ideal Lending has done for me and my family.
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Find Out Your Options!
Buying a new home or refinancing your current loan? Use our quick and easy tools to find out how much home you qualify for or instantly download your custom home equity report.
