Conventional Loans are not guaranteed or insured by any Government Agency

• Down payment required at least 5% of purchase price
• Minimum credit score of 620
• PMI required with less than 20% down payment
• Typically fixed in terms and rates.

ARM vs. FIXED RATE MORTGAGE

-Adjustable Rate Mortgage (ARM)

• Fixed for a period of time, typically 5-10 years
• Amortized over a 30 - year term
• ARMs will have lower start rates than fixed-rate mortgages
• Market rates are adjusted to fixed period expires

-Fixed Rate Loans

• Fixed for the entire term of the loan, 30, 20, 15, and 10-year terms.
• Rates will not change during the life of the loan
• These loans can be used for a purchase or refinance of a personal residence, second home, or investment property.

NOTE:

• PMI on Conventional Loans can be paid for upfront instead of monthly.
• PMI rates are much lower on Conventional Loans if down payment is 10% or more depending on credit score.

Interested in Conventional Financing?

"It's not If You can Buy it's When!"

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