CONVENTIONAL
Discover the great options Metro Mortgage has to help you get the best mortgage possible!
WHY IS METRO MORTGAGE IS THE BEST OPTION FOR CONVENTIONAL LOANS?
Because Metro Mortgage has your Fannie covered!
The terms Conventional and Conforming refer to loans that conform to guidelines of Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac fund the vast majority of mortgages in the United States. "Fannie" and "Freddie" set parameters for the various programs they offer A mortgage must conform to those parameters in order to be funded. Fannie Mae has been around for nearly eighty years. So long that mortgages purchased by them according to their guidelines, are referred to as Conventional.
Unlike Government loans, like VA and FHA, there is a broad selection of Conforming mortgage products available. But unlike Government loans, the rate and pricing you get is based on the amount you have as a down payment, and your credit score. So, in many cases, Conventional loans are better suited to people moving into into their next home, as opposed to first time home buyers with a limited down payment. But not always!
Conventional mortgages also come with private mortgage insurance, if you don't put 20% down. But in many cases, the pricing for private mortgage insurance is lower than even FHA pricing.
There are many variables. Contact us, and we will guide you to the best option for you!
We designed this calculator do give you a rough idea of what a Conforming Purchase looks like for you with today's rates. You can get our current published rate for Conforming loans under "Rates". Conventional mortgage pricing varies based on your down payment, your credit score, and other factors. It's a good idea to contact us for a free rate quote (see below) if you are in the process of buying a home. We love to hear from you!
Conventional Purchase Calculator
IS A CONVENTIONAL MORTAGE THE BEST OPTION FOR YOU?
A Conventional Mortgage might be best for you if:
- You have at least 5% to put down. (But you can put down 3%.)
- Your credit score is 700 or higher. (The higher it is, the more likely you are a conventional customer!
- You want to finance $417,000 or less.
- You can survive a more rigorous underwriting process.
Fannie and Freddie have both launched programs geared to first time home buyers. These products require only 3% down, and can be a great option to FHA! Contact us, and we will work to find you your best option!
CONVENTIONAL MORTGAGE BASIC PARAMETERS
Conventional Loans give you the most options!
MORTGAGE INSURANCE
CONVENTIONAL MORTGAGE LOAN DOCUMENTS
Click each label for more information.
Next Steps.....
A calculator can only give you so much information, and mortgages are complicated!
You will find more options below. We are ready to get to work getting you the best mortgage possible!
We LOVE our new house! Never thought we’d have such a great place...can hardly wait to get home to our little piece of heaven! Thank you for all your help in getting us financed. Your dedication was awesome and we are so grateful!
The Hardins
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