Conventional Home Loans

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.

Get A Free Quote

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
opaque blue blob that sits behind a photo for decorative effect

What is a Conventional Home Loan?

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. 

Benefits of Conventional Loans

Conventional loans are a popular choice among homebuyers due to their:

  • Diverse Loan Terms: Choose from various terms to find what best suits your financial plan.
  • Competitive Interest Rates: Take advantage of some of the best rates in the market.
  • Lower Private Mortgage Insurance (PMI): Potentially lower PMI compared to other loan types.
  • Flexibility: Ideal for a wide range of properties and borrower types.

Types of Conventional Home Loans

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.

Fixed-Rate Mortgage

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. 

    Adjustable-Rate Mortgage (ARM)

    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.

      Jumbo Loans

      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.

        Our Conventional Loan Programs

        Fixed Rate Mortgages

        Adjustable Rate Mortgages

        Conforming Loans

        Jumbo Loans

        Non Conforming Loans

        Freddie Mac Home Possible

        Fannie Mae Home Ready

        Portfolio Loans

        Conforming Loans

        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.

          Freddie Mac Home Possible

          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.

            You Shouldn't Have To Choose

            Too many borrowers think they must choose between the convenience of an online lender and the hands-on service you might get from the "small guys."

            But We Believe You Can Have It All!
            Apply NowCall Us

            Fannie Mae Homeready

            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.

              Qualifying for a Conventional Loan

              The typical requirements for a conventional loan include:

              • Credit Score: Generally, a credit score of 620 or higher is needed, with better rates offered to those with higher scores.
              • Down Payment: While down payments as low as 3% are possible, a 20% down payment can eliminate the need for PMI.
              • Debt-to-Income Ratio (DTI): Lenders usually prefer a DTI below 49%.
              • Proof of Income and Assets: You must provide documentation, such as pay stubs, tax returns (if self-employed), and bank statements, to prove your financial stability.
              • Property Appraisal: The lender typically requires an appraisal to ensure the property's value supports the loan amount.
              opaque blue blob that sits behind a photo for decorative effect
              opaque blue blob that sits behind a photo for decorative effect

              Why Choose Good News Lending for your conventional home loan?

              • Personalized Service: We tailor loan solutions to fit your financial situation.
              • Transparency: We believe in clear and straightforward communication throughout the loan process.
              • Expertise: Our team has extensive experience in conventional loans, ensuring you receive knowledgeable advice and support.
              • Competitive Rates: We offer the most competitive rates to make your loan affordable.

              Contact Good News Lending For Conventional Loan Solutions

              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.

                a family of four walking towards a house

                Contact us

                Get in touch with our friendly team today.

                Thank you! Your submission has been received!
                Oops! Something went wrong while submitting the form.