Loan Programs

Conventional Home Loan

A conventional home loan is a mortgage option not insured by the government but backed by private lenders and insurers. Ideal for both first-time homebuyers and those with strong credit profiles or substantial savings, conventional loans offer flexible down payment options and the potential to avoid private mortgage insurance (PMI) with a 20% down payment. With competitive interest rates and a variety of loan terms, this loan type is suited for borrowers looking for customizable financing solutions.
Flexible
Customizable
Cost-Effective
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Requirements

Here's what you'll need to get started.

Minimum Credit Score

Borrowers generally need a minimum credit score of 620 to qualify for a conventional loan, with better rates and terms available for higher credit scores.

Income and Employment Verification

A minimum of two years of consistent employment history is typically required. In some cases, 18 months may be considered sufficient.

Minimum Down Payment

A down payment of at least 3% is required for first-time homebuyers. For those who are not first-time buyers, the minimum down payment is 5%.

Debt-to-Income Ratio

The maximum allowable DTI for conventional loans is generally up to 50%, depending on the lender’s guidelines and the borrower’s credit profile.

Loan Limits

Conventional loans are subject to loan limits that vary by county, reflecting local home prices.

Loan Limits

Conventional loans are subject to loan limits that vary by county, reflecting local home prices.
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How The Mortgage Phoenix Group Can Help

Conventional loans offer a wide range of options, from lower down payments to avoiding mortgage insurance, depending on your financial profile. Whether you’re a first-time homebuyer or looking to upgrade, Our Loan Officers at The Mortgage Phoenix Group will help you find the best strategy for your mortgage. If you have good credit and savings, we’ll help you secure the most favorable terms, ensuring that your loan is structured to maximize your financial advantage. From selecting the right loan term to managing your debt-to-income ratio, our mortgage planners will help you confidently navigate your mortgage options.

Ready to Start the Application Process?

Our loan officers will help answer any remaining questions and guide you into a successful home purchase! Get started today.