Conventional Loan

A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan has multiple terms available. The Duford Team in Gilbert, Arizona helps buyers secure a conventional loan when purchasing property.

A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.

Pre-qualify for a Conventional Loan today!

Applying for a Conventional Loan

Conventional loans have low down payment options. Mortgage insurance may be an option for those who put less than 20% down. You can put more down to get rid of mortgage insurance. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.

Typically, we will review the following items with you when applying for a conventional loan:

  • Your Employment (Is your income and employment steady?)
  • Down Payment (How much can you afford to put down?)
  • Credit History (Is your credit good, do you have late payments?)

In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.

Learn about the Home Buying Process from Fannie Mae, and then get pre-qualified for a conventional loan from The Duford Team in Gilbert, Arizona!

Conventional Loan Terms

Conventional loans have multiple terms available. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.

Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process.

To see if you pre-qualify for a Conventional home loan, contact Mike Duford today at 480-788-0232.

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