Conventional Home Loan: When You Have Good Credit

A conventional mortgage from a private lender is a great option if you have a solid credit score and a low debt-to-income ratio. In many cases, you can put as little as 3% down on your new California home.

The Advantages for Borrowers

1

More Options

You can choose a term between 10 to 30 years and select either a fixed or adjustable rate.

2

Fast Funding

Since conventional home loans aren’t backed by the government, there’s less paperwork required and fewer delays.

3

Low Down Payment

You can put as little as 3% down on your new home, giving you more opportunities to buy.

4

No PMI Option

With a 20% down payment, you’re not required to pay private mortgage insurance (PMI).

Who’s Eligible?

With conventional home loans, lenders look for borrowers with financial stability and who have shown that they are responsible with their money. The qualifications include:

  • Credit score of 620 or higher
  • Debt-to-income ratio of less than 45%
  • Minimum down payment of 3%
  • Property appraisal

Frequently Asked Questions

Tools & Knowledge

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Lisa D.
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Whether you’re a first-time homebuyer, are interested in refinancing, or are over 62 and looking to do a reverse mortgage, we’re a Pasadena mortgage broker that can help you reach your goal.