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Conventional Loans

GET CONVENTIONAL

NRL Mortgage conventional loan come in a variety of options and with excellent advantages for qualified borrowers. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types.

If you’re active duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs (VA) loan. The VA Mortgage is a government-based product offering 100% financing of the reasonable value of the property, with less restrictive qualifying terms than conventional programs.

SHORT ON DOWN PAYMENT? HERE ARE A FEW CONVENTIONAL LOW DOWN PAYMENT OPTIONS IF A FIRST TIME HOME BUYER:

Fannie Mae HomeReady®

HomeReady® is a fixed rate, affordable housing program for creditworthy, low-to-moderate income borrowers offering up a 3% down payment options if you are a first time homebuyer

Freddie Mac Home Possible

Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas

Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product type

Private Mortgage Insurance (PMI) is required on conventional loans with an LTV > 80%. 

Interested in taking the first steps?

REWARDS OF CONVENTIONAL QUALIFYING

👉 620+ Fico score requirements

👉 A Range of down payment options

👉 Advantages for higher down payment

👉 Options to eliminate PMI with a 20% down payment option or Lender Paid Options

👉Financing for properties commonly restricted by Government loan products

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NRL Mortgage. NMLS ID# 181407 (www.nmlsconsumeraccess.org)
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Last Updated 9-26-2021

© 2021  by The Loan Rangers Lending Team

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