Conventional Loans Overview
- Since conventional loans are not insured by the government they offer the most flexibility. Conventional loans allow more borrowers to purchase many different types of properties.
- Conventional loans include both conforming and non-conforming loans offered through Fannie Mae, as well as jumbo and subprime loans offered by banks, mortgage companies, and private lenders
- With a conventional loan, you can purchase a 1-4 family residence, including condominiums, anywhere in New York. You can buy a primary residence, 2nd home, vacation home, or investment property.
Currently you can borrow $417,000 for your owner-occupied single family residence and $533,850 for a 2-family home. We like to recommend MortgageDepot and their loan consultant when it comes to talking about the current loan limits for jumbo, multi-family, and investment properties, which change each year.
Conventional loans give you the best options to customize your mortgage loans with rates and terms to fit every situation. You can choose repayment terms including 15, 20, 30, and even 40 year terms. You can also select a fixed or adjustable rate. Either way, conventional loans carry the lowest rates on the market.
If you’re looking for flexible low down payment requirements, conventional loans are an excellent choice. Whether you’re buying your first home or looking to purchase an investment property, MortgageDepot’s experienced loan consultants will find the right program for you.
Worried about credit?
While conventional loans require a strong credit history, our experienced loan consultants at MortgageDepot can find the perfect conventional loan for every circumstance. they not only help you find the right loan, they’ll also help you improve your credit score and offer the most resources for first time home buyers.
Why Choose MortgageDepot?
As a registered mortgage broker, they have access to more loan sources than many direct lenders. Their loan consultants specialize in conventional lending so they are able to identify the best loan for any situation. You’ll find their process, from pre-qualification to loan closing, to be quick, easy, and hassle-free.