Conventional Loans

Conventional Loans are offered by private lending investors and are available in fixed and adjustable interest rates with varying terms, but in the current lending environment 15 and 30 fixed rate terms are the norms. With anything less than a 20% down payment, private mortgage insurance will be required, but USA Mortgage offers all the options available to structure this expense in the most beneficial way to you! Interest rates on conventional loans vary quite a bit depending on credit score and down payment, but Conventional Mortgage loans have the potential for the most competitive rates and closing costs.

Conventional Loans: USA Mortgage

Advantages of Conventional Loans


Who Can Benefit?

 

Clients are looking for low or no private mortgage insurance.

Clients are looking to buy vacation homes or investment properties.

Parents who want to buy properties for their children and friends to live in while attending college.

Clients who have a substantial down-payment by avoiding PMI costs.

 

Conventional Home Loans

Additional Details

Conventional home loans have a lot of advantages over other loan types. There are no up-front funding fees, gift money is allowed, and there are no restrictions on the location of the property. As long as you can meet the down payment requirements for this loan type, it is a fantastic option for any home buyer.

 

USA Mortgage Advantage



From start to finish everything happens in-house, processing, underwriting, and funding.


Freddie Mac and Fannie Mae direct Mortgage Lender.


Offers low or no originations fees as a lender and no junk fees added.


Largest privately owned Lender in Missouri and surrounding states.

 

Fixed Rate Loans


USA Mortgage Columbia regional office has many locations in Missouri, Arkansas, Illinois, Kansas, Iowa, and nearby areas. We have all the resources needed to make your dream a reality. Are you ready to move forward with your next home purchase? A local mortgage broker will guide you every step of the way. Apply now and find out if you qualify for a Conventional Loan.

 

FAQs: Conventional Home Loan


What is a Conventional home loan limit?

The maximum loan amount you can lend on a Conventional home loan for 2023 is $726,200 in most of the U.S. for one-unit properties. For anything above that you will need to look into qualifying for a Jumbo loan.

What are the Conventional loan requirements?

When trying to qualify for a Conventional loan many different aspects come into play. Conventional loans have higher credit scores requirements is one of the bigger determining factors, as some can go as low as 620 with a larger down payment.

What is the minimum down payment for a Conventional loan?

Conventional loans require a minimum down payment of 3% if you qualify for the lower down payment options. There are alternative down payment assistance programs and resources to help cover the down payment for any qualifying borrowers.