A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as FHA, VA, or USDA. Conventional loans are either conforming or non-conforming. Conforming mortgages are required to conform to underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac, whereas non-conforming mortgages have loan amounts higher than the loan limits set by Fannie Mae / Freddie Mac.
Conventional loans are great for many home buyers because of their faster home loan process, low costs, and added flexibility. When applying for a conventional loan, you must meet three initial requirements:
Another benefit to taking out a conventional loan is the flexibility they provide for different types of local properties. Eligible properties for conventional loans include single-family homes, condominiums, multi-unit properties, and planned unit developments.
So, if you have a decent credit score and available funds to make a down payment on an eligible property, it is likely you qualify for a conventional loan.
Most importantly: RESEARCH. Before taking out a loan, make sure to speak with a licensed Loan Officer about the perfect loan for you, and look into mortgage loan mistakes. Some of the most common mistakes people make when applying for a conventional loan is not checking their credit beforehand and ignoring the real expenses of homeownership.
Contact The Kolesar Team today for any further information or questions about conventional loans!
Working with Brendan was amazing! He always had my best interest in mind and was eager to help with anything regarding the loan process. He explained everything in a way so that I could have a better understanding. The Kolesar team were always quick to respond to my questions no matter the time of day. They were fast in processing my loan and made it easy for me while working my full time job. I was able to upload all paperwork electronically which was great. They are the best and I will be working with them again in the future for any lending needs.Lauren Hieb
This is my second loan in 6 months and the efficiency and patience with Tiffiney and Brendan were fantastic as usual. I would use them again.Deanne Bourne
I had the best experience with The Kolesar Team ! We really had no clue how to even begin the loan process and they helped us through every step of the way. Thanks again team!Arielle Dumaw Whitman
I don’t normally make endorsements of other people’s companies, but when I do – I mean it! We are beginning our 5th deal with Brendan Kolesar and his Team of experts (with 2 more hopefully in the pipeline). I’ve spent a lifetime in this business, many of my old friends have either died or retired. This caused me to seek out new young blood to work with. It isn’t easy finding professionals that really understand their profession, all the related nuances, have excellent communication skills, provide outstanding service, and are more than competitive with rates and fees. I highly recommend Brendan and The Kolesar Team!Ron Martin
Brendan and the team are as good as it gets! I’ve done multiple transactions through them over the past 5 years now and I guarantee you will be happy you used them.Scott Brouse