A conventional loan is a popular type of mortgage that is not backed by any government agency. It is a private loan offered by banks and other lending institutions. These loans are attractive to borrowers because they typically offer competitive interest rates and can be used to finance a wide range of property types, including primary residences, second homes, and investment properties.
At LISA HOME MORTGAGE™, we offer conventional loans with a minimum FICO score requirement of 620. We also offer HomeReady and Home Possible conventional loans, which are designed to help low-to-moderate income borrowers and first-time homebuyers. These programs allow for a down payment as low as 3% and have a maximum LTV requirement of 97%.
Our regular conventional loans also have a maximum LTV requirement of 95%. This means that borrowers can finance up to 95% of the value of their property, with the remaining amount paid through a down payment.
Conventional loans offer a range of benefits, including flexible terms, low down payments, and the ability to finance a variety of property types. Our team at LISA HOME MORTGAGE™ is committed to helping our clients find the best loan options to fit their unique needs and financial situations. Apply today for our conventional loan programs and to start the journey towards homeownership.