Types of Conventional Loans

• Credit Score Requirements: Conventional loans typically require a higher credit score than government-backed loans.
• Down Payment: While some conventional loans may require a down payment as low as 3%, many lenders prefer a down payment of 20% or more.
• Private Mortgage Insurance (PMI): If your down payment is less than 20%, you will likely be required to pay private mortgage insurance (PMI). PMI protects the lender if you default on your loan.
• Loan Limits: Conventional loans have loan limits, which vary depending on the location and type of property.

Benefits of Conventional Loans:

• Flexibility: Conventional loans offer a wide range of terms and options, allowing you to customize your mortgage to fit your needs.
• Competitive Rates: Conventional loans often come with competitive interest rates, especially for borrowers with strong credit scores.
• No Upfront Funding Fee: Unlike FHA loans, conventional loans do not require an upfront funding fee.
• PMI Cancellation: Once you reach 20% equity in your home, you can typically request to have PMI removed, which can save you money on your monthly payments.

Why Choose Alyssa for Your Conventional Loan?

At Lit Financial, we are committed to providing personalized service and expert guidance throughout the mortgage process. Our team of experienced professionals will:

• Evaluate your financial situation: We will review your credit score, income, and assets to determine if a conventional loan is the right fit for you.
• Explain your options: We will explain the different types of conventional loans available and help you choose the best option for your needs.
• Secure competitive rates: We will work with our network of lenders to secure the most favorable interest rates and terms for your loan.
• Provide exceptional service: We are dedicated to providing unparalleled customer service and support throughout the entire loan process.

Is a Conventional Loan Right for You?

A conventional loan may be a good option for you if you:

• Have a good credit score
• Can afford a down payment of at least 3%
• Want to avoid paying for mortgage insurance for the life of the loan

If you’re considering a conventional loan, we encourage you to contact Alyssa Mortgage today. Our team of experts will be happy to answer your questions and help you get started on the path to homeownership. Let us help you find the perfect conventional loan to fit your needs and achieve your financial goals.