The Standard Bank Loan
These are fixed rate mortgages that fall within the limits set by Fannie Mae and Freddie Mac. Certain counties have higher conforming loan limits. These are called High Balance Conforming Limits. The rates and terms are often more favorable on High Balance loans than they are with Jumbo loans. Conventional loans are available though lending institutions and investors (we partner with dozens here at Aslan).
Some lenders allow for as little as a 3% down payment on a conventional mortgage.
Because these loans are not guaranteed or insured by Uncle Sam, if you do not have a 20% down payment, more than likely you’ll be paying for private mortgage insurance.
Most lenders require a minimum of a 620 FICO score and a debt to income ratio not to exceed 50% of your gross (pre-tax) income.
There are tons of investors willing to lend conventional loans. Interest rates tend to be lower and there are many different options for terms. You can refinance your 30 year mortgage that is 3 years old right into a 27 year mortgage.
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