Conventional Home Loans
- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a Conventional Loan Right for Me?
A conventional home loan might be right for you if you’re looking for a mortgage with low fees – that’s not a government loan – and you meet the eligibility requirements.
Conventional Loan Eligibility Requirements
- A good credit score: typically 620 or higher
- A deposit, which can be as little as 3%
- A consistent and documented income
- A low debt-to-income ratio
What type of property can I purchase?
Basically anything that is standard housing in your area. For example: single family homes, condos, investment properties, apartments, townhouses, lofts, and vacation homes.
What kind of interest rate will I get?
That will depend on the current market rate and your personal situation – typically, the less of a risk you are, the less interest you have to pay. UW Funding is a wholesale lender that consistently offers great, competitive interest rates.
If I have a small deposit, do I have to pay mortgage insurance for the whole loan?
No! That’s one great thing about conventional home loans. Once your equity in the property rises to 22%, you can cancel your mortgage insurance.
Craig was instrumental in me and my wife buying our first home together. He was able to get us a great rate, even with my low [credit] score, and we were able to move into our new home. We are very pleased with the service and professionalism Craig provided us and will continue to work with him for all of our housing finances in the future.
We highly recommend UW Funding. We are on our second home purchase with Craig. You lose sleep buying your first home and it’s comforting to know you have the right lender looking out for your best interests. Two years later, we are on our second home and, just like the first, best rate, no fees and thousands of dollars saved!
We are so glad we trusted Craig with our refinance. We were able to take cash out with absolutely no fees! In hindsight, we wished we would have used him for our purchase. Sure enough, we had a straightforward closing with no surprises and we are truly grateful for our friends referring Craig to us.