A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. Hawkins Home Loans in West Sacramento, California helps buyers secure a conventional loan when purchasing property.
A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.
Applying for a Conventional Loan
Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.
Typically, we will review the following items with you when applying for a conventional loan:
- Your Employment (Is your income and employment steady?)
- Down Payment (How much can you afford to put down?)
- Credit History (Is your credit good, do you have late payments?)
In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.
Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from Hawkins Home Loans in West Sacramento, California!
Conventional Loan Terms
Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.
Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.
To see if you pre-qualify for a Conventional home loan, contact Lori Hawkins today at (916) 371-6300.
Lori and team answered all of our questions, got us the best possible rate, and were professional. We are very happy with their service and would not hesitate to use them again.
Lori and her team were phenomenal in all areas!! Loved our communication, loved the rate that we got locked, everything was sooo easy peasy!! All little challenges with swiftly navigated; I honestly can not say enough about how much I enjoyed having Lori and her team be my loan pros for my refi. I shopped around; and hands down she gave me the best deal I could have ever found! The best part is she is part of my awesome community, and it was great to work with that I know and admire in my community!
We have now completed two new loans and two refinances with Lori. She is always on top of her game, providing numerous options to help us determine what will best work for our situation. Lori is responsive, attentive, helpful, and patient. Thank you as always for your help and service, Lori! 2020 update: Lori is responsive, professional, and efficient. Our latest mortgage with Lori (a refinance) was remarkably easy to close.
Lori and her provide world class service throughout the loan process. They were ready and willing to answer any questions throughout the process and provided daily updates.
SUPER EASYsuper smooth transaction. Website for you to upload what you need. Lori almost knocked our APR in half. Also the price to refi was almost half of what we were charged on our last refi. Lori is so easy to work with. If you done a refi before you know how things can go.
Lori and her team were extremely professional, informative, and friendly. They walked me through every step of the process and answered all my questions, got everything done faster than I had thought possible. So happy with my decision and the results! Would recommend to everyone!
I purchased a home and completed a refinance with Lori, and she and her team make the process seamless. I will definitely call Lori for my future loan needs!
Lori and her team were patient and always answered my questions quickly. They took all the time I needed to feel comfortable every step of the process
Lori was amazing to work with. She was on top of everything and extremely helpful thorough this home buying process! She helped us do a 21 day close. I would recommend her to any one wanting to purchase a home.
From start to finish a great experience. The technology was very easy to navigate and the follow through was great. There was consistent communication throughout the process.