Conventional Loans: Rates, Requirements, & How to Qualify

A conventional mortgage loan is a type of home loan that is not guaranteed or insured by the government, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans typically adhere to guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac.

Ameritrust-Mortgage offers conventional mortgage loans to a wide range of borrowers, including first-time homebuyers, repeat buyers, and those looking to refinance their existing mortgages. Eligibility criteria typically include factors such as credit history, income, and debt-to-income ratio.

Conventional mortgage loans often offer competitive interest rates and flexible loan terms. They may also allow borrowers to avoid mortgage insurance premiums required for government-backed loans with lower down payments.

Ameritrust-Mortgage offers conventional mortgage loans with varying down payment options. While a 20% down payment is often considered standard, borrowers may qualify for loans with lower down payments, such as 3%, 5%, or 10%, depending on their financial situation and loan program.

Conventional mortgage loans from Ameritrust-Mortgage are available with various loan terms, including 15-year, 20-year, and 30-year fixed-rate options. Adjustable-rate mortgage (ARM) loans may also be available for borrowers seeking initial lower interest rates.

Credit score requirements for conventional mortgage loans may vary depending on the lender and the loan program. Generally, higher credit scores are preferred, with most lenders requiring a minimum FICO® score of 620 or higher for conventional loans.

Like any mortgage loan, conventional mortgage loans may come with closing costs and fees, including origination fees, appraisal fees, and title insurance fees. These fees can vary depending on factors such as loan amount, property location, and lender policies.

Yes, borrowers with conventional mortgage loans from Ameritrust-Mortgage may have the option to prepay their loans or refinance to take advantage of lower interest rates or adjust their loan terms. It's essential to review the terms of your loan and discuss any potential refinancing options with your lender.