Purchasing a Home With Conventional Financing

A conventional loan is a loan secured by investors that it is not insured by FHA or guaranteed by VA. Conventional loans are often called a non-government sponsored entity (non GSE) loan.

In Maricopa the maximum loan limit for conventional loans is $417,000. In general a 5% down payment is required. In most cases 100% of the down payment can come from a gift.

Both fixed and adjustable rate conventional loans are available. Private mortgage insurance is required if the down payment is less than 20%. Conventional loans are best for buyers with great credit scores and money available for a down payment.

If you are looking to buy a home soon your first step should be to speak to a mortgage professional about the programs you can qualify for. Your credit, savings and income greatly affect which program will work best for you.

Please give us a call at 623-252-9350 if you would like the contact information for some local mortgage professionals that help you get pre-qualified for a home loan.