Conventional Home Mortgage Loans
Finding your dream home is only half of the process of making a new home purchase. Once you find the perfect home for you, it is easy to become overwhelmed with the idea of actually paying for it. US Mortgages is dedicated to making the process of attaining a mortgage as affordable, straightforward, and simple as possible. When you borrow from us, you can rest assured that you're working with the best conventional mortgage lender.
US Mortgages offers various kinds of conventional loan rates available to prospective homebuyers. How can a conventional loan help you reach your financial goals and improve your family's quality of life? Learn more about the conventional home loans US Mortgages offers, and get a feel for if you may qualify.
How is a conventional loan defined?
A conventional loan is most easily defined by what it is not. Conventional home mortgages are not backed by the US Government in any way. This contrasts with other loans offered by US Mortgages, including FHA Loans and VA Loans.
Who is eligible for a conventional loan?
Roughly 60% of all conventional loan applicants seek a conventional home loan. The conventional loan requirements in include down payments as low as 3%, though mortgage insurance is required until home equity is built to a minimum of 20%. home buyers who qualify for conventional loans rates must have a maximum debt to income ratio of 43%. However, exceptions can be made for people in different financial situations. Find out if you're eligible by seeking a pre-approval from US Mortgages.
The housing market is growing stronger than ever. Over the past ten years, Colorado has become one of the nation's premiere destinations for prospective homebuyers. Now is the time to take advantage of historically low interest rates, and purchase a home.
Best Conventional Home Loan Rates
Want to know if a conventional loan is available to you? Reach out. US Mortgages will ensure that you get the best possible rate on conventional home loans. Provide us your contact information online and we'll get back to you as soon as possible. You can also call us for immediate guidance on conventional loan requirements.
FHA Home Loan Mortgage Rates & Requirement. What separates an FHA loan from a conventional loan? The biggest difference between these two loan types that US Mortgages offers, is that FHA loans are backed by the US Federal Government, specifically the Federal Housing Administration.
Who qualifies for a FHA Home Loan?
The FHA program was developed to make loans accessible to people who could only afford a low down payment or who had less than perfect credit in the 1930's. Since then, the program has helped countless Americans pursue their dream of home ownership. FHA loan requirements include a credit score of 560+ and a down payment of 3.5% to qualify borrowers for an FHA home loan, though there are other factors including steady employment, LTV and DTI ratios that can impact eligibility.
A less-than-perfect credit score doesn't have to mean the end of the line when searching for a home. At US Mortgages, we believe that everyone should have the opportunity to purchase their own home at affordable rates. That's why we pledge to work with you to create a loan specific to your financial situation, ensuring your success while keeping you on budget.
What are the advantages and disadvantages to FHA Mortgages?
The FHA loan's rate requires that borrowers purchase personal mortgage insurance (PMI). When speaking with an expert from our office, we will be sure to go over these items with you if you are not familiar with PMI. Because of the safety net that mortgage insurance provides to the lender, we are able to offer loans at traditionally lower interest rates. While FHA Mortgages do require a down payment, mortgage insurance lowers the total amount. Those with quality credit scores can purchase a home with down payments as low as 3.5%, however less desirable credit scores can require a minimum down payment of a least 10%.
If you're wanting to know if what FHA home loan rates are available for you and will help you and your family reach their financial goals, contact US Mortgages! Feel free to provide us your contact information as well as any initial questions you may have about FHA loan requirements. You can also give us a call and get the ball rolling on your FHA Loan and future of home ownership today!