conventional mortgages
A Flexible Path to Homeownership
Conventional mortgages are a popular choice for many homebuyers, offering competitive rates and flexible terms. These loans adhere to the limits set by Fannie Mae and Freddie Mac, with certain counties qualifying for higher conforming loan limits, known as High Balance Conforming Limits. Typically, High Balance loans offer more favorable rates and terms compared to Jumbo loans. At Your Mortgage Copilot, we collaborate with numerous lending institutions and investors to provide you with the best options available.
Down payment
Conventional mortgages can require as little as a 3% down payment, making homeownership more accessible. However, a higher down payment can eliminate the need for private mortgage insurance and may secure more favorable loan terms.
Mortgage insurance
Since conventional loans aren’t backed by the government, a down payment of less than 20% typically necessitates private mortgage insurance (PMI). PMI protects the lender and is an additional monthly expense until you reach 20% equity in your home.
credit score
To qualify for a conventional mortgage, lenders generally require a minimum FICO score of 620 and a debt-to-income (DTI) ratio below 50% of your gross income. A higher credit score and lower DTI can improve your chances of approval and may lead to better interest rates.
flexible terms
Conventional loans offer a variety of term options, allowing you to customize your mortgage to fit your financial goals. Whether you’re interested in a 15-year, 20-year, or 30-year term, or even refinancing an existing mortgage to a custom term, we can help you find the solution that best suits your needs.
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Elliott Bowman
(206) 949-5563
NMLS # 1982189
CO License # 100517635
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