Conventional loans are offered by private lenders without the backing of a government agency. You can purchase, refinance, and take cash out on properties with Conventional Loans. Your loan term is decided by you, whether it’s 30 years, 15 years, or one of the other term options available. The more years on your loan term, the lower the payment.

Alternatively, having fewer years on your loan terms leads to greater interest savings over the life of the loan. You can go with a fixed rate for the security of a consistent home payment or go with an adjustable rate and save on your payment during the initial period. Conventional loans do require a minimum credit score of 620. If you don’t meet this requirement, we still may have an option for you.

There are certain requirements borrowers must meet to qualify for a conventional loan, including:

• Minimum credit score of 620, could be higher depending on circumstances
• Must meet debt-to-income ratio standards

There are other loan requirements depending on circumstance, please reach out to a loan officer for specific loan questions.