Conventional mortgage loans are not insured or backed by a government agency such as the FHA or the VA. Before applying for a home loan, it is important to determine the best financial option for you.
What is a conventional mortgage?
Conventional mortgages are loans that aren't guaranteed or insured by the federal government. Also known as a conforming mortgage, a conventional loan follows the guidelines set by Fannie Mae and Freddie Mac.
You can choose an adjustable or a fixed rate, and your maximum loan amount is determined by the county and state of the home.
Who is a conventional loan good for?
Conventional loans can benefit you whether you are a first-time buyer or refinancing. Like most home loans, a conventional loan requires proof of income and credit stability.
What credit score do I need for a conventional loan?
A credit score of 620 or better is standard for conventional loans.
Talk to a Longview mortgage broker
Every borrower's situation is different. Call Kenneth Travis's team at 903-331-0892 to talk through conventional loans and the rest of your options, or apply online.