Conventional Loan

A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. AMEC American Mortgage & Equity Consultants, Inc. in Green Bay, Wisconsin helps buyers secure a conventional loan when purchasing property.

A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.

Pre-qualify for a Conventional Loan today!

Applying for a Conventional Loan

Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.

Typically, we will review the following items with you when applying for a conventional loan:

  • Your Employment (Is your income and employment steady?)
  • Down Payment (How much can you afford to put down?)
  • Credit History (Is your credit good, do you have late payments?)

In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.

Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from AMEC American Mortgage & Equity Consultants, Inc. in Green Bay, Wisconsin!

Conventional Loan Terms

Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.

Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.

 

To see if you pre-qualify for a Conventional home loan, contact Gwenn Tanvas today at 9208581203.

AMEC | American Mortgage & Equity Consultants, Inc. • 3 North East Wisconsin Locations
Green Bay • Appleton • FondDuLac
Residential Home Loans • FHA | 203K | VA | HARP | USDA | WHEDA | Purchase | Refinance | Credit Restoration
Conventional, FHA, 203K, VA, 100% USDA Rural Home Loans with Offices Serving communities through out Wisconsin. We provide purchase and refinance home loan services with great rates and terms to Green Bay, DePere, Appleton, Neenah. Menasha, Oshkosh, FondDuLac,  Sheboygan, Manitowoc, Milwaukee, Madison.

American Mortgage & Equity Consultants, Inc. Contact: 920.267.7891. All rights reserved.© 2016. American Mortgage & Equity Consultants, Inc. is an Equal Housing Lender. NMLS #150953. 
NMLS Consumer AccessPortal   State License • Disclosure

Appleton, WI NMLS ID 1158878 | De Pere, WI NMLS ID 379092 | Eau Claire, WI NMLS ID 870247 | Fond du Lac, WI NMLS ID 379084 | Green Bay, WI NMLS ID 1296548 | La Crosse, WI NMLS ID 570267 | Luck, WI NMLS ID 870269 | Madison, WI NMLS ID 844360 | Onalaska, WI NMLS ID 844359 | Siren, WI NMLS ID 870270 | Stevens Point, WI NMLS ID 1064096 | Wauwatosa, WI NMLS ID 838616