Conventional Loans

At MOD Mortgage, we understand that each homebuyer's journey is unique, and finding the right loan is a crucial step. Conventional loans offer versatility and are widely favored for their competitive rates and flexibility. Here's everything you need to know about securing a conventional loan with us.

What Are Conventional Loans?

Conventional loans are mortgage loans that are not insured or guaranteed by federal government agencies like the FHA (Federal Housing Administration) or the VA (Department of Veterans Affairs). They are an excellent option for borrowers with strong credit, a stable income, and the ability to make a down payment.

Features and Benefits

  • Competitive Interest Rates: Enjoy potentially lower interest rates compared to other loan types, depending on your credit score and financial situation.

  • Flexible Terms: Choose from a variety of loan terms to find one that fits your financial goals, including fixed-rate and adjustable-rate mortgages.

  • Diverse Down Payment Options: Down payments can be as low as 3% for qualified buyers, making homeownership more accessible.

  • No PMI Options: With a down payment of 20% or more, you can avoid Private Mortgage Insurance (PMI), reducing your monthly payments.

  • Refinancing Flexibility: Conventional loans allow you to refinance your mortgage to take advantage of lower interest rates or tap into home equity.

Eligibility and Requirements

To qualify for a conventional loan, you'll typically need:

  • A credit score of 620 or higher.

  • A stable and verifiable income.

  • A down payment of at least 3% (though a higher down payment could result in better terms).

  • A debt-to-income ratio (DTI) less than 45%.

How to Apply

  1. Get Pre-Approved: Start by getting pre-approved to understand how much you can afford.

  2. Gather Your Documents: Have your financial documents ready, including recent pay stubs, tax returns, and bank statements.

  3. Apply: Fill out our online application or contact us to start your application process.

  4. Home Appraisal: We'll arrange for a home appraisal to determine the property's value.

  5. Closing: Once approved, you'll attend a closing meeting to sign the final documents and receive the keys to your new home.

Why Choose MOD Mortgage for Your Conventional Loan?

At MOD Mortgage, we pride ourselves on our personalized approach to mortgage lending. Our team of experts will guide you through every step of the process, ensuring you find the right loan for your situation. With our comprehensive support and competitive rates, we make homeownership achievable and affordable.

Ready to Begin?

If you're interested in a conventional loan or have any questions, contact us today. Our friendly and knowledgeable team is here to assist you on your journey to homeownership.