15 Year Conventional Mortgage Loan

What is a Conventional Mortgage Loan?

  • The Conventional Loan is the most common loan used for purchasing a home. Conventional loan applicants typically have above average credit and are planning on a significant down payment to minimize or eliminate paying mortgage insurance (PMI) when buying a home. Conventional loans give the option for 10-to-30 year fixed payments. The 15 Year Conventional Mortgage Loan will have an interest right lower than the 30 Year Conventional Mortgage Loan and the payment for the 15 Year will be higher for those seeking to pay off their home quicker.

Key Aspects of a Conventional Mortgage Loan

  • The most common type of mortgage loan
  • Maximum borrowing of $417,000
  • Minimum 640 FICO score required
  • 5% to 20% down payment required
  • Fixed-rate terms available: 30, 25, 20, 15 and 10-year
  • Adjustable-rate  term available: 5/1 and 7/1

 

15 Year Conventional Mortgage Loan

 

Document Checklist

  • Full and complete online loan application
  • 2 years recent tax returns w/ W2’s
  • Business returns if self employed w/ 1099’s
  • 2 recent pay stubs
  • Home Insurance Dec Page
  • Mortgage Statement
  • Copy of Executed Purchase Agreement, only if Purchasing
  • Copy of Earnest Money Deposit, only if Purchasing
  • 2 months recent bank statements, only if Purchasing
  • Driver’s License
  • Social Security Card