Grand Rapids MI CONVENTIONAL HOME LOANS & MORTGAGES
Learn About Your Grand Rapids Conventional Mortgage Loan Options And How They Can Benefit You
Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The Form.
Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The Form.
CONVENTIONAL HOME LOANS & MORTGAGES - ARE THEY RIGHT FOR YOU?
HOMETOWN LENDERS IS HIGHLY TRUSTED BY OUR CLIENTS FOR THEIR NATIONWIDE & GRAND RAPIDS MI CONVENTIONAL HOME LOANS & MORTGAGES
Welcome to HomeTown Lenders. We are a leading Nationwide Conventional Home Loan Lender, and for good reason. We have helped many families and individuals in Michigan, Alabama, Arkansas, California, Florida, Louisiana, Kentucky, Maryland, Missouri, Mississippi, New Mexico, Tennessee, Texas, and Virginia achieve their dream of home ownership through conventional mortgage home loans.
- What is a conventional mortgage loan?
- Is it the right choice for you and your financial situation?
- What makes a conventional home loan a great choice?
Contact your HomeTown Conventional Home Loan Lender today to get the information you need to know to get prequalified or start your Conventional Mortgage Loan Application.
What is A Conventional Mortgage Loan?
Conventional or conforming loans refer to any mortgage that is not insured by the federal government. These types of mortgages follow the terms and conditions set by Fannie Mae and Freddie Mac. They are government sponsored institutions who are the largest purchasers of mortgages in the United States. These loans have stricter qualifying guidelines compared to government insured loans. High credit scores are recommended for this program since it will directly impact your monthly mortgage payment.
Your debt to income ratio is also carefully reviewed and needs to be below 45%. A common misconception about conventional mortgages is that a 20% down payment is required in order to qualify. The reality is conventional financing allows for 3% down payment when used in combination with monthly mortgage insurance.
Why are Grand Rapids MI Conventional Home Loans & Mortgages A Great Deal?
Conventional Loans are one of the best options for prospective borrowers with a high credit scores. By having a higher credit score additional benefits become available like no mortgage insurance, lower down payments, and more competitive pricing. When considering a new home loan conventional financing should be at the top of the list if you have above average credit, a larger down payment, or would like to avoid the additional cost sometimes associated with government insured loans.
What Are the Advantages of A Conventional Loan?
- Competitive Pricing
- No Prepayment Penalty Ever
- No Mortgage Insurance Option
- Up To 45% Debt To Income Ratio
- Allows for 3% Seller Paid Closing Costs
What Are The Waiting Periods After A Hardship
- 4 Years from Foreclosure or Short Sale
- 4 Years from Discharge of Chapter 7 Bankruptcy
- 2 Years from Discharge of Chapter 13 Bankruptcy
WHAT ARE SOME POPULAR GRAND RAPIDS CONVENTIONAL MORTGAGE LOAN PROGRAMS?
Conventional Purchase
- Loan amounts to $417K
- 3%, 5%, 10% or 20% down
- Don’t have to be 1st time buyer
- With or without mortgage insurance
Conventional Refinance
- Competitive interest rates
- Loan amounts up to $417K
- 30yr, 25yr, 20yr, 15yr, or 10yr
- Fixed or adjustable rates available
Conventional Cashout
- Up to 80% LTV
- Competitive interest rates
- Payoff a 2nd mortgage or HELOC
- Cashout to payoff high interest debt
A Diverse and Comprehensive Line of Loan Products to Fit Everyone's needs.
Jumbo
Loans
Down to a 620 Credit Score
FHA
203K Loans
Down to a 620 Credit Score
FHA/VA/USDA
Conventional
Manufactured Home
Loans Available
CONVENTIONAL
Down to a 620 Credit Score
Down Payment
Assistance
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Hometown Lenders Helping You Achieve Your Dreams
Contact Us Today To Get Prequalified for Your Grand Rapids MI Conventional Home Loans & Mortgages
We pride ourselves in making your home financing experience as easy and affordable
as possible. Our service is second to none.
