Conventional Loans

Our conventional loan products offer flexible down payment options, quick closing times and flexible underwriting guidelines.

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Key Facts About Loan:

- First Time Buyers can purchase with as little as 3% down, 5% down for 2nd or subsequent purchases and 10% down for a second/vacation home. If you are looking to buy and lease, then you could put as little as 15% down using a coventional loan.

- With a 20% down payment you can avoid paying mortgage insurance, however mortgage insurance is removeable once you reach 20% of equity in the home with no need to refinance.

- We offer a 5% down program with the option to waive escrows and pay your insurance and property taxes outside of your monthly mortgage payment.

- Loan terms are flexible and can be customized to fit your needs such as a 27 year term instead of a 30 year.

- Rates may be fixed for the life of the loan or adjustable.

- Credit scores as low as 620 may be allowed, but a higher credit score will improve the odds of approval as well as provide a much better interest rate offer.

- Buyers who need to pull equity from their homes in the form of cash may do so utilizing a conventional cash out loan.

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Conventional Fixes Rate Loan

LOAN PURPOSE

Purchase, Rate and Term Refinance or Cash Out Refinance

BORROWER TYPE

Primary Residence, Second Home or Investment Home

TERM

15YR, 20YR, 25YR, 30YR and custom terms available.

INTEREST RATE

Fixed or Adjustable

MINIMUM FICO

620

MAXIMUM LOAN TO VALUE (LTV)

97%

MINIMUM LOAN AMOUNT

$100,000

PROPERTY TYPE

1-4 Family

FAQ's on Fix and Flips

Conventional

No. Mortgage rates and loan terms can vary among lenders, it pays to compare loans offered by various lenders. The amount of the down payment and other factors can vary among lenders. Its wise to compare loans offered by several lenders and to be sure you understand all aspects of the loan terms.
Loan amounts vary by county and change frequently. When researching maximum loan amounts, you could check on Fannie Maes website or consult with a loan officer.
You can refinance a conventional loan.
A conventional loan may be advantageous to buyers who plan on putting 20% or more down to avoid paying mortgage insurance. Another reason a conventional loan might be a better option is if you plan on buying a home that may need some work and may otherwise not pass a home appraisal inspection for a government backed loan.
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All other trademarks are the property of their respective owners, not endorsed or affiliated with any government entity. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Visit the NMLS Consumer Access website for regulatory information about us.

Figure: 7 TAC § 80.200(b) CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
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