Conventional Home Loans

Conventional Home Loans

Conventional loans are secured by government-sponsored entities such as Fannie Mac Freddie Mac.  Generally speaking conventional loans are harder to qualify for than government-backed programs like FHA loans. Although it is harder to qualify, there are several advantages with conventional home loans. With conventional home loans you do not have to pay for private mortgage insurance, and you generally get lower mortgage rates.

Conventional loan requirements:

  • The standard debt to income ratios are .77 for conventional loans. These ratios may be exceeded with compensation factors
  • Your credit score and credit history are important but can be flexible. Generally a FICO score of 620 or above is very helpful in obtaining approval
  • Job stability and work history. It helps to have worked in the same industry or held the same job for consecutive years
  • A down payment of at least 5% to 20%
  • Most conventional mortgages are fixed rate programs, but can also be adjustable-rate loans as well
For more information on Conventional Home Loans, click here to contact us or call 813-655-HOME

Serving Tampa, St. Petersberg, Clearwater, Brandon, Bloomingdale, Lake Magdalene, Lutz, New Port Richey, Oldsmar, Palm Harbor, Riverview, Temple Terrace, Town 'n' Country, Valrico, Wesley Chapel, Westchase and the entire Tampa Bay area and state of Florida. 

Copyright 2015
Policies and Terms

American Dream Home Mortgage Inc. | 1219 Millennium Parkway, Suite 132 | Brandon, FL 33511-8178 | (813) 655-4663