Loan Products and Programs | Conventional Loan

  • December 2019
  • Posted By: Michael Leake

Conventional Loan near Virginia Beach or within Virginia?

There are many different mortgage providers, from globally known brands to more localized institutions. The range of choice means that you need to do a bit of research in advance to understand how to make an educated decision about which loan suits your financial needs.

Conventional Loan

Loan Products and Programs - Conventional Loan

A conventional loan is basically any kind of lender agreement that's not backed in full by the Veterans Administration or protected by the FHA (the Federal Housing Administration). AS LOW AS 3% DOWN PAYMENT A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower.Conventional loans are much more common than government-backed financing. In the first quarter of 2018, conventional loans were used for 74% of all new home sales, making them the most popular home financing option—by a long shot.(1)Though conventional loans offer buyers more flexibility, they’re also riskier because they’re not insured by the federal government. This also means it can be harder for you to qualify for a conventional loan. But stay tuned; we’ll get to that later.

Conventional Loan Benefits

There’s a reason why conventional loans are so popular. This type of loan has several features that make it a great choice for most people:

  • Low interest rates
  • Fast loan processing
  • Diverse down payment options, starting as low as 3% of the home’s sale price
  • Various term lengths on a fixed-rate mortgage, ranging from 10 to 30 years
  • Reduced private mortgage insurance (PMI)

Search

Benefits

    Low interest rates

  • Low interest rates - we will find the best rate available
    • Posted By: Michael Leake
    • 6 months ago

    Fast Loan Processing

  • Fast Loan Processing - We work for you
    • Posted By: Michael Leake
    • 6 months ago

    Diverse Down Payment

  • Diverse Down Payment - Options starting as low as 3% of the home's sale price
    • Posted By: Michael Leake
    • 6 months ago

    Various Term Lengths

  • Various Term Lengths - On a fixed-rate mortgage, ranging from 10 to 30 years
    • Posted By: Michael Leake
    • 6 months ago

    PMI

  • PMI - Reduced private mortgage insurance
    • Posted By: Michael Leake
    • 6 months ago

Allow us to finance your Ashburn dream home or refinance a new Virginia home.