30 Year Conventional Mortgage Loan

What is a Conventional Loan?

 

  • The Conventional Loan is the most common loan used for purchasing a home. Conventional mortgage 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 30 Year Conventional Mortgage Loan will have an interest right higher than the 15 Year Conventional Mortgage Loan, but will offer the benefit of a lower payment to loan applicants.

Key Aspects of a Conventional 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

30 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