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Laredo Conventional Home Loans

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Laredo Conventional Mortgage Lender

Conventional Home Loans In Laredo

A conventional mortgage or conventional loan is any home loan not issued or guaranteed by the government. Instead, private lenders such as banks, credit unions, and mortgage firms offer conventional mortgages. However, some conventional mortgages can be secured by two government-sponsored enterprises: the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Conventional mortgages typically feature a fixed interest rate, meaning that the interest rate does not fluctuate over the life of the loan. The federal government does not guarantee conventional mortgages and loans, so banks and creditors impose higher lending restrictions.

Conventional vs. Conforming Loans

Conforming mortgages or loans are frequently misused to refer to conventional loans. Despite some overlap, the two are separate classes. A mortgage is considered conforming if its underlying terms and conditions satisfy Freddie Mac’s and Fannie Mae’s funding requirements. The Federal Housing Finance Agency sets an annual loan limit for conventional loans. Any mortgage that exceeds the loan limits set by the FHFA is considered a “Non-Conforming Loan.”

In essence, all conforming loans are conventional loans, but not all conventional loans are conforming loans. A prime example is a Jumbo loan. The conforming loan limit for 2022 is $647,200. Any loan that exceeds the loan limit is non-conforming. So while a jumbo loan is considered a conventional loan, not issued or guaranteed by the federal government, it is a non-conforming loan because it exceeds the conforming loan limit.

Conventional-Conforming Loan Requirements

To be eligible for a conventional-conforming loan, borrowers must be specific qualification requirements.

  • Credit – A conventional-conforming loans require a credit score of 620 or better. The down payment requirement is 3 – 5% of the sales price contingent upon the borrower’s credit scores. All borrowers must have a 2-year verifiable and stable work history.
  • Income – Although there is no minimum or maximum income requirement for conforming loans, there is a DTI eligibility requirement. The back-end debt-to-income ratio of applicants must be no more than 45%.
  • Assets – You must provide bank and investment account statements to demonstrate that you have sufficient finances for the down payment, closing costs, and cash reserves on the property. If you get money from a friend or relative for the down payment, you will need gift letters stating that the funds are not loans and are not subject to repayment.

Apply for a Conventional-Conforming Loan in Laredo

Capital Home Mortgage is a direct mortgage lender in Laredo that provides home loans to many clients, including first-time buyers and people considering refinancing their homes. Contact us if you have any questions about conventional home loans, and we’ll be pleased to assist you. Call (956) 307-3422 to get started.

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Laredo Conventional Purchase Loan

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • 97% Loan to Value – Conforming – 715,000 Max Loan
  • 95% Loan to Value – High Balance
  • Primary Residence
    • Single Family – 95%  ( 97% First Time Buyer )
    • Duplex – 85%
    • Tri / 4 Plex – 80%
  • Second Home
    • Single Family – 90% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 85% 
    • Duplex – 75%
    • Tri / 4 Plex – 75%
Know Your Buying Power
Cash-Out or Save Today
Have Questions?
Conventional Home Loan Benefits

Conventional Purchase Loans are one of the most popular types of loans and a great choice for many home buyers. Conventional mortgages can be used to purchase any type of occupancy, while FHA, USDA, VA and Native American Loans are restricted to primary residence only. Conventional mortgages are great for borrowers that have higher credit scores and typically have easier qualifying.  

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single and Multi Family, Condo’s & Manufactured Homes
  • Mortgage Insurance Options
  • Lower Rates and Better Terms
  • 97% Loan to Value – Conforming – 715,000 Max Loan
  • 95% Loan to Value – High Balance
  • Primary Residence
    • Single Family – 95%  ( 97% First Time Buyer )
    • Duplex – 85%
    • Tri / 4 Plex – 80%
  • Second Home
    • Single Family – 90% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 85% 
    • Duplex – 75%
    • Tri / 4 Plex – 75%

Laredo Conventional Refinance Loan

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

Conventional Highlights

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Lower Rates and Better Terms
  • Conforming – 647,250 Max Loan
  • High Balance ( Varies by County )

Rate and Term

  • Primary Residence
    • Single Family – 95% 
    • Duplex – 85%
    • Tri / 4 Plex – 80%
  • Second Home
    • Single Family – 90% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 85% 
    • Duplex – 75%
    • Tri / 4 Plex – 75%

Cash Out Refinance

  • Primary Residence
    • Single Family – 80%  
    • Duplex – 75%
    • Tri / 4 Plex – 75%
  • Second Home
    • Single Family – 75% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 75% 
    • Duplex – 70%
    • Tri / 4 Plex – 70%
Mortgage Conventional Refinance Lender

Conventional Refinance Loans are used for more refinances than any other type of mortgage loan.   This is due to Conventional loans allowing for all occupancy and property types and typically don’t require any mortgage insurance due to loan to value requirements. Conventional mortgages due require higher credit scores but offer better rates.  

Conventional Highlights

  • Freddie Mac and Fannie Mae Insured
  • Primary, Second or Investment Property
  • Single, Multi-Family, Condo’s & Manufactured Homes
  • Lower Rates and Better Terms
  • Conforming – 647,250 Max Loan
  • High Balance ( Varies by County )

Rate and Term

  • Primary Residence
    • Single Family – 95% 
    • Duplex – 85%
    • Tri / 4 Plex – 80%
  • Second Home
    • Single Family – 90% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 85% 
    • Duplex – 75%
    • Tri / 4 Plex – 75%

Cash Out Refinance

  • Primary Residence
    • Single Family – 80%  
    • Duplex – 75%
    • Tri / 4 Plex – 75%
  • Second Home
    • Single Family – 75% 
    • Duplex – N/A
    • Tri / 4 Plex – N/A
  • Investment Property
    • Single Family – 75% 
    • Duplex – 70%
    • Tri / 4 Plex – 70%

Laredo Conventional Renovation Loan

CHOICERenovation can assist first time homebuyers who want to fix up a more affordable home, current homeowners who are looking to age in place by making needed repairs and improvements, and multi-generational families who need a more customized living space.

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on a 1-unit investment property;  90% on a 1-unit second home
  • Credit Scores down to 620
  • Owner-occupied 1–4 unit condos, PUDs, 1-unit second homes, and investment properties are all eligible
  • Luxury renovations and improvements are eligible, like adding a pool or outdoor living area

As inventory becomes increasingly scarce, and home prices remain high, homebuyers are increasingly looking at older, more affordable homes that can be fixed up or customized to their liking. CHOICE Renovation give buyers this opportunity topurchas an older home and make it their own

Renovation Freddie Mac Choice Home Lender

CHOICERenovation can assist first time homebuyers who want to fix up a more affordable home, current homeowners who are looking to age in place by making needed repairs and improvements, and multi-generational families who need a more customized living space.

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on a 1-unit investment property;  90% on a 1-unit second home
  • Credit Scores down to 620
  • Owner-occupied 1–4 unit condos, PUDs, 1-unit second homes, and investment properties are all eligible
  • Luxury renovations and improvements are eligible, like adding a pool or outdoor living area

As inventory becomes increasingly scarce, and home prices remain high, homebuyers are increasingly looking at older, more affordable homes that can be fixed up or customized to their liking. CHOICE Renovation give buyers this opportunity topurchas an older home and make it their own

Not Sure? Take a Look at Other Laredo Mortgage Programs

Laredo Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Loan Officer
NMLS 882260

Kelly Cameron

Loan Officer
NMLS 178093

Lynette Surman

Loan Officer
NMLS 2097265

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