When it’s time to buy that new home you’ve been dreaming of starting the loan process can be intimidating. Luckily, there’s a mortgage company in Springfield, MO ready to help you find the right conventional loan for you. Our Mortgage Loan Originators will work with you to find the rates and options that work best for you and your family. We know you’re ready to move into your new home, so why wait any longer. Get started today and see how USA Mortgage can help you find the perfect Springfield conventional loan.
Springfield Conventional Loans
What is a Conventional Home Loan?
Most recognized as your traditional mortgage, conventional loans, are the most common loan type approved during the home buying process. Traditionally, they require a 5% down payment, but for qualified applicants recent changes have seen as low as 3% required. What separates conventional loans from other loan types is that they are not insured or guaranteed by the government. Instead, they are back by Freddie Mac or Fannie Mae.
To qualify for a conventional mortgage there are a few requirements that need to be met. For one, it’s recommended to have a credit score of at least 620 to qualify. With a score of 740 or higher, though, you’re looking at an opportunity for some of the best conventional loan rates possible. We also suggest having a debt-to-income ration of 43% or less to ensure the best options when applying.
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Ready to Apply for a conventional loan in Springfield? Our Mortgage Loan Originators at USA Mortgage are here to make possibility become a reality. We’ll make the conventional loan process easy and have you ready to move in to your home before you know it. So why wait? Apply now and see what rates we’ll provide for you.