Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional home loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional mortgage loans are ideal for borrowers with excellent credit and at least a 5% down payment.
Fixed Rate Mortgages: Your rate and payment never change.
Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.
For Purchase transactions Conventional Loans require the home-buyer to put down at least 5% - 20% of the purchase price of the home. For a Refinance transaction, most lenders require at least 10% equity in the property.
Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.
Conventional home loans are a great fit for borrowers with solid credit, steady income, and the ability to make a down payment of at least 5%. If you're not relying on government-backed programs and want more flexibility, this could be the right choice for you. You may qualify for some of the best conventional mortgage loan rates available, especially with excellent credit. Whether you're a first-time homebuyer or upgrading to your next home, the best conventional mortgage loan options can offer long-term savings. We work with some of the best conventional loan lenders to find your ideal conventional mortgage.
When it comes to conventional home loans, you want expert advice without the pressure. I’m an independent broker who shops around for the best conventional mortgage loan for your needs. Whether you're buying your first home or refinancing in Glen Allen, VA, I’ll help you lock in competitive conventional mortgage loan rates without hard credit pulls. Clients trust me to be one of the best conventional loan lenders in the area. If you're looking for a conventional mortgage partner who actually listens and delivers, I'm here to help—every step of the way.
What is a conventional home loan?
A conventional home loan is a mortgage that’s not backed by a government program like FHA, VA, or USDA. It follows the lending standards of Fannie Mae or Freddie Mac and usually offers better terms for borrowers with strong credit and steady income.
How much do I need for a down payment?
Most conventional loans require between 5% to 20% down. The more you put down, the better your chances of getting a great rate and avoiding mortgage insurance.
Are conventional mortgage loan rates better than other loans?
Yes, if you have good credit and solid finances, conventional mortgage loan rates are often lower than rates for government-backed loans. You’ll also have more flexibility in loan terms.
How do I find the best conventional mortgage loan for me?
The best conventional mortgage loan depends on your budget, credit score, and long-term goals. Duane, the Mortgage Maestro, can help you compare options and find the loan that fits you best.
Who are the best conventional loan lenders in Glen Allen, VA?
At Coast2Coast Mortgage, we pride ourselves on being among the best conventional loan lenders in the Glen Allen, VA. With years of experience and personalized service, we’ll help you secure a conventional mortgage that fits your needs.
Can I use a conventional loan for a second home or investment property?
Yes! Conventional home loans can be used to buy a primary residence, a second home, or even an investment property.