Conventional loans · Longview, TX
Conventional loans
The standard route, and often the cheapest over the life of the loan if you qualify for it. Less flexible than FHA, but fewer strings attached once you're in.
Who this is for
Is this you?
- Buyers with steady, documentable income
- Credit in reasonable shape
- Anyone who can put down enough to avoid or quickly drop mortgage insurance
- Buyers of second homes and investment property
The honest part
Where it can bite
Conventional underwriting is less forgiving. If your income is complicated, your credit is recovering, or your down payment is thin, FHA or a government program may genuinely serve you better. We'll say so.
We will tell you when it is not worth it.
We are brokers, not a single bank with one menu to sell. If a different program serves you better — or if doing nothing serves you better — that is the answer you will get.
What matters
The parts worth knowing
Down payments start lower than people think
3% programs exist for qualifying first-time buyers. The 20% rule is a myth that costs people years.
Mortgage insurance comes off
Unlike FHA, conventional PMI can be removed once you reach sufficient equity.
Works for non-primary homes
Second homes and investment properties, which government programs generally won't cover.
Credit matters more here
Pricing is more sensitive to your score than on government loans.
Questions
Straight answers
How much do I actually need to put down?
Less than most people assume. Qualifying first-time buyers can see programs as low as 3%. What you should put down is a different question from what you must.
When does PMI go away?
Once you've built sufficient equity. Timing depends on your loan and how the value moves.
Is conventional always better than FHA?
No. For lower credit or a thinner down payment, FHA is frequently the better deal. It depends entirely on your file.
Find out where you stand on a Conventional loan.
Answer a few questions and see an estimate in about two minutes. No hard credit pull to begin, and a licensed loan officer follows up within one business day.
Not a commitment to lend. Subject to credit approval and underwriting.