Conventional Mortgages Overview
Conventional loans are mortgages backed by Fannie Mae and Freddie Mac. Conventional mortgages offer 30 year, 20 year, 15 year and 10 year fixed-rate mortgages. Adjustable rates are also available. With a twenty percent down payment, you are not required to pay for PMI insurance. The conventional loan program is for one to four-family residential homes and condominiums. The minimum down payment is 3 percent down. Conventional mortgages also offer the Homestyle home renovation program that allows you to purchase or refinance a home and obtain money to do home improvement. Noreast Mortgage Services has over 40 lenders that offer some of the best rates in CT. Noreast Mortgage Services also has the lowest possible closing costs. Most banks and credit unions charge underwriting, application, and/or processing fees, Noreast Mortgage Services doesn’t have any of these fees.
Conventional Mortgages With up to 97% financing
Great Rates 10, 15, 20, and 30 year fixed mortgage programs
No PMI insurance options
Home Renovation Programs
Noreast Mortgage Services offers lower closing costs than most banks and credit unions
Conventional Loans Eligibility
One to four-family homes and condos
Minimum credit score 640
Three percent minimum down payment
Review of income and assets(Pay stubs, tax returns, bank statements…)
Appraisal(Some properties may qualify for an appraisal waiver)
If you are looking for more information about conventional mortgage programs you can call Noreast Mortgage Services at 860-559-7577 or click Get Started!