Good News Lending offers conventional home loans to make your journey to homeownership straightforward and hassle-free. Our Conventional Home Loans are designed for a wide range of borrowers, offering flexibility and options catering to your financial needs.
Unlike government-backed mortgages like FHA or VA loans, these are backed by Fannie Mae and Freddie Mac. They generally require better credit score minimums and higher down payments but offer advantages like flexible terms and competitive interest rates.
Conventional loans are a popular choice among homebuyers due to their:
Choosing the right type of mortgage loan can be a critical financial decision. Conventional loans are typically backed by federal agencies Freddie Mac or Fannie Mae. From fixed-rate to adjustable-rate options, we offer a variety of types of loans to meet your needs. Our expertise ensures you'll find the best loan for your financial situation.
We know homeowners value stable monthly payments, so we offer fixed-rate mortgages. These provide consistent monthly payments throughout the loan's life, with various down payment options to match your financial capability. A strong credit score often leads to a competitive interest rate.
Good News Lending does not offer Adjustable-Rate Mortgages (ARMs), where the interest rate can vary, leading to potential increases over time. ARMs start with a lower introductory rate that adjusts after a fixed period, usually 1 to 10 years. Rates then adjust annually based on market conditions. ARMs can be beneficial if you plan to sell or refinance before the rate increase but consider the financial implications of changing rates.
Due to the higher risk involved, jumbo loans have stricter minimum credit scores and down payment requirements. These loans exceed Freddie Mac and Fannie Mae loan amounts and often come with higher rates. Jumbo ARMs with terms from 5 to 10 years are also available. It's crucial to weigh the risks and benefits before opting for this mortgage loan.
We specialize in conforming loans that meet Fannie Mae and Freddie Mac's eligibility requirements. These loans have standardized loan amounts and usually offer better rates. In contrast, non-conforming loans exceed these limits and often have stricter loan requirements and higher rates. Our team helps you find the best financing option for your situation.
The Home Possible program aims to make homeownership affordable for low to moderate-income borrowers. It offers flexible credit history and down payment assistance, covering up to 97% of a home’s loan balance. Borrowers can also avoid mortgage insurance premiums. We're committed to helping you navigate this loan option.
The Homeready program offers flexible credit, competitive mortgage rates, and reduced Mortgage Insurance Premiums (MIP). You must meet credit report requirements and complete a homeownership course to qualify. This program especially benefits first-time home buyers, offering as low as a 3% down payment. Contact us to explore how Homeready can help you meet your homeownership goals.
The typical requirements for a conventional loan include:
At Good News Lending, we offer some of the most competitive rates for conventional loans. Whether you’re buying your first home or refinancing, our rates are designed to ensure affordability and value. We’re committed to providing you with conventional loan options that fit your life and goals. Let's work together to find the perfect solution for your home-buying journey.
Get in touch with our friendly team today.
