A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with “conforming loans”, since they are required to conform to Fannie Mae and Freddie Mac’s underwriting requirements and loan limits.
Why Choose a Conventional Loan?
Most homebuyers choose conventional mortgages because they offer the best interest rates and loan terms which tend to result in a lower monthly payment. And since most people choose a fixed-rate loan over an adjustable-rate mortgage, they don’t have to worry about rising mortgage rates, which makes it easier to budget.
How to Qualify For a Conventional Loan
Conventional Loans have basic requirements that must be met. A borrower must have a qualifying credit score and credit history, qualifying income, and enough equity. These are the base qualification requirements. There are several other aspects that are reviewed once a complete application and package has been submitted.
We have a streamline process that allows us to process our loans with our borrowers electronically. We have perfected our in-house underwriting system to make the process as painless and simple as possible.
Fidelity Funding offers competitive interest rates with those of other lenders. We will accurately provide you with the rate you prequalify for based on a few pieces of information necessary to provide you with a quote.
Fidelity Funding gets paid by the lender, meaning you, the borrower, will never pay us for your loan. All fees are itemized and disclosed in compliance with the CFPB TILA-RESPA Integrated Disclosure rule.
Conventional Loan Programs
Fidelity Funding offers a vast amount of loan programs including, but not limited to:
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- First Time Home Buyer programs with as low as 3% down payment
- Refinance programs with as loan to values as high as 97%
- Low down payment purchase programs
- Borrower Paid and Lender Paid Mortgage Insurance offered for loans with less than 20% equity
Customizable Term Mortgages, where we can get you any term loan between 5 to 30 years as long as you income qualify