Conventional Loan

If you’re ready to buy a home in Colorado, Wyoming, or Kansas, and need a mortgage then you should look into a conventional loan first. A conventional loan follows rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

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Do you qualify for a Conventional Loan?

To qualify for a conventional loan you need to complete a mortgage application, show your credit history, have at least a FICO credit score of 620, and present income documentation. These documents will be used by the lender to determine your income ratio, down payment and loan eligibility.

Conventional loan terms range from 10, 15, 20 and up to 30 years. While you can put down as little as 3%, most lenders allow the consumer to choose any sum above this amount for their down payment on a conventional loan. There is no mortgage insurance requirement for a conventional loan with over 20% equity in the home.

If you live in Colorado, Wyoming, or Kansas, or are planning to move here and want to see if you can qualify for a conventional loan, give the team at Peak Financial a call.

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