Among the loans offered by Sunshine State Mortgage, located in Coral Springs are Conventional Loans. Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guideline that have been set by Fannie Mae or Freddie Mac. Most conventional loans are given by private lenders who sell the loans to a Government Sponsored Entities (GSEs) Typically conventional loans have better rates, terms and/or lower fees than other types of loans, however conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a minimum down payment of 3% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit. Some conventional loans may require as high as a 20% down payment depending on residency, such as second homes, condos or investment properties.
Fixed Rate Mortgages: Your rate and payment never change.
Adjustable Rate Mortgages: After the initial fixed period your interest rate can change.
Buying a home in Coral Springs or the surrounding areas in South Florida? For Purchase transactions Conventional Loans require the home-buyer to put down a minimum down payment of 3% of the purchase price of the home. For a Refinance transaction, most lenders require at least 10% equity in the property. Typically, loan companies will verify any bank and investment statements to ensure the borrower has sufficient funds to cover the down payment and any relevant closing costs. As a general rule of thumb, your debt to income ratio cannot exceed 43% however; we can go higher depending on a number of factors.
Most conventional loan programs allow you to purchase single-family homes, townhouses, warrantable condos, planned unit developments or any 1-4 family residences.
If you are looking for a conventional loan in Coral Springs or anywhere nearby, call or fill out this quick form and we will get right back to you with the answer.