What is a Conventional Loan?

A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as FHA, VA, or USDA. Conventional loans are either conforming or non-conforming. Conforming mortgages must follow lending guidelines and loan limits set by Fannie Mae or Freddie Mac, whereas Non-conforming mortgages have loan amounts higher than the loan limits set by Fannie Mae / Freddie Mac.

Conventional loans generally offer low interest rate and fees, which can result in lower monthly payments. Home buyers can also choose a fixed-rate over an adjustable-rate mortgage to avoid any rising mortgage rates which makes budgeting much easier.

 

Eligibility

There are many benefits to a conventional loan such as faster home loan process, flexibility, and lower costs. Conventional loans can be a great option for home buyers who can meet these requirements:

  1. Be able to make a down payment
  2. Have a decent credit score (620 or above)
  3. Prove a stable income

If you meet these requirements, you may be able to qualify for a conventional loan.

 

Why should you choose Sun West?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in conventional loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the conventional loan process or any of our other home loan services, give our team at Sun West a call to speak to a local team member who can answer all of your home loan questions. Contact us today!

How It Works

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Step One

Use our online application to send in your request or contact our office via phone or email.

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Step Two

Once your application is complete, we’ll take a look at your family’s financial situation and home loan needs and then pair you with a list of mortgage options.

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Step Three

Review and discuss your loan options with your loan officer to make sure you choose the right loan for your needs.

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Step Four

Once your loan is chosen and your application is accepted-you are ready to close!

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Apply For a Conventional Loan

Frequently Asked Questions

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