Conventional home loan is also known as a Conforming Fixed Rate mortgage.
Conventional Loan Features:
- 97% maximum financing
- Down payment options as low as 3% down could be available but typically requires at least 5 percent down payment (Terms improve with higher down payment amounts)
- No income limits or location guidelines
- Maximum loan amount of $510,400
- Minimum credit score of 580
- Fixed rate loan terms of 30-year, 20-year and 15-year (keep in mind, the longer the loan term the lower the monthly payments but also the more interest paid over the life of the loan)
- For first time homebuyer or your next home
- Eligible for primary residence, secondary home or investment property
The purchase of a new home is an important decision, and Trulend Mortgage is committed to making the financing of your new home straightforward and comfortable. We’ll help make sure you can get into your home as soon as possible. A team member is just a phone call or click away!