Why Consider a Conventional Loan?
With our conventional loans we are able to offer some of the most competitive pricing for our clients with above-average credit scores,
larger down payments on their home purchases, or those with equity in their homes on refinances.
Low down payment options
We offer mortgage solutions to help you purchase your next home with as little as a 3% to 5% down payment for primary homes.
Save money on interest or take cash out of your equity
We offer cash-out conventional refinance solutions up to 80% loan-to-value, and up to 95% loan-to-value for your rate-and-term refinance.
Take advantage of favorable loan terms
Conventional loans reward you for your good credit with lower interest rates, more affordable fees, and the ability to reduce or even remove private mortgage insurance premiums.
Let JFQ Lending show you how
Our experienced mortgage professionals will review your complete financial profile, including your income, assets, and credit to make it simple & easy.
Conventional Loan FAQs
Conventional vs. FHA
Conventional vs. VA
Conventional vs. USDA
Conventional loans have specific requirements for your income, assets, and credit. Ideally, your debt-to-income ratio (DTI) would be less than 43%, with some exceptions based on compensating factors up to 50%.
In addition to your down payment funds and loan costs, certain conventional loan programs require you to have liquid assets available, called reserves. Typically, these are equal to a number of months of your housing expenses (including principal, interest, taxes and insurance). Loans for second homes and investment properties are more likely to have substantial reserve requirements of 6 to 24 months.
Many conventional loan programs have minimum credit score requirements of 620 or better, while the best pricing is reserved for higher scores. Learn more about credit scores here.
Private Mortgage Insurance (PMI) is a fee assessed on conventional mortgages with less than 20% equity in the property. This insurance premium protects the lender/investor in the event of a default such as a short sale or foreclosure. It does not protect the homeowner however, so talk with a mortgage expert today about avoiding, reducing, or removing PMI on your next loan. Learn more about PMI here.
Getting approved starts here.
Our mortgage professionals are ready to help.