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    • Home
    • Get Started
      • Loan Products
      • Home Loan Resources
      • Contact a Loan Officer
      • Apply Online
      • Sarma Credit Service
    • About Us
    • Contact Us
  • Home
  • Get Started
    • Loan Products
    • Home Loan Resources
    • Contact a Loan Officer
    • Apply Online
    • Sarma Credit Service
  • About Us
  • Contact Us

Conventional Loans

A Conventional Loan is a mortgage that is not backed by any Government agency, and instead conforms to guidelines established by government-sponsored enterprises (GSE).  One of the benefits of a conventional loan is the Private Mortgage Insurance (PMI) is cheap, or not requited for down payments of at least 20%. Unlike FHA or VA loans, conventional loans are available on second homes or investments properties.

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Key Benefits

Conventional Loan Requirements

Conventional Loan Requirements

  • Lower interest rates for borrows with excellent credit scores
  • Higher loan limits than FHA in some areas
  • No mortgage insurance for down payments of 20%
  • Available for second homes and investment properties
  • Conventional loans allow sellers to contribute a least 3% to cover closing costs 

Conventional Loan Requirements

Conventional Loan Requirements

Conventional Loan Requirements

  • Minimum credit score 620
  • Minimum 3% downpayment 
  • Double-wide manufactured homes minimum 5% downpayment


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