Convential Home Loans
Loans that meet guidelines set by Fannie Mae. These are also known as “conforming” loans because they conform to the aforementioned guidelines.
- Fixed Rates
- Variable Rates
- Variable terms
HOW IT WORKS
CONFORMING LOANS FOR QUALIFIED APPLICANTS
A conventional loan is a loan that meets guidelines set by Fannie Mae. These are also known as “conforming” loans because they conform to the aforementioned guidelines. Fannie Mae is what is known as GSE, or Government Sponsored Enterprise. This government-sponsored enterprise (GSE) buys mortgages from lenders and sells them to investors. Their purpose is to make mortgages more widely available. Conventional mortgages come in a variety of terms (both fixed rate and variable) and range anywhere from 10 to 30 years.
- Credit Score of 620 or Higher
- Down Payment
- Stable Income
- Maximum Conforming Loan Amount in Texas is $726,200 for 2023 and $750,000 for 2024. We can allow you to take advantage of the 2024 limit now.
- Mortgage Insurance for purchases with > 80% Loan-to-Value
- Debt to Income Ratios < 50%
ACCEPTED TYPES OF MORTGAGE INSURANCE
- Monthly Mortgage Insurance
- Single Premium Mortgage Insurance
- Split Premium
MORE ABOUT CONVENTIONAL HOME LOANS
Loan Qualification Requirements
Accepted Types of Mortgage Insurance
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