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Conventional Loan FAQs

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Conventional Loan FAQs

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  1. Conventional Loan FAQs There are numerous loan types offered by mortgage lenders, each with their own set of benefits.  The Conventional Loan is a highly sought after loan, and it is the loan option of choice for a majority of borrowers. We have listed some frequently asked questions below regarding Conventional Loans. What documents are required to get qualified for a Conventional Loan? 01 Copy of driver’s license Two most recent pay stubs Bank and investment account statements Other documents as required by the loan officer Tax returns for two years (all pages & schedules) How much do I need for a down payment? 02 For first-time homebuyers, a down payment is as low as 3%. However, you will need to buy private mortgage insurance when you put down less than 20%. How will the interest be determined? 03 Interest rate on a Conventional Loan is based on factors like credit score, type of loan, down payment, mortgage insurance, etc. What are the benefits of a Conventional Loan? A Conventional Loan has numerous benefits. For instance, it has low down payment requirements and is easier to qualify for than many people expect. Such loans can also be used when you wish to finance loans for a higher amount. 04 Who can opt for a Conventional Loan? 05 A Conventional Loan is ideal for borrowers with stable income and a good credit rating. Also, people who are considering purchasing their second home can opt for such a loan. What type of home can I purchase with conventional financing options? 06 A Conventional Loan can be used to buy primary or secondary residences. It allows you to purchase single family homes, condos, townhomes, and investment properties. 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 2422 E. Main St. Gatesville, TX 76528 254-248-0029 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com

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