Conventional Home Loan Company Broker Pittsburgh Pennsylvania
Specializing in Conventional Home Loans and Mortgages
Looking for a company that specializes in conventional home loans in the
Pittsburgh Pa. area? First Capital Mortgage Group in Pittsburgh Pennsylvania
is a full service mortgage loan company that specializes in conventional loans,
conventional loan funding, conventional loan applications and also conventional
loan processing.
For more information on getting a conventional home loan for your next
real estate purchase contact mortgage broker and company owner Justin Rosenal
for a free consultation on loan programs and how conventional loans work.
Mortgage Broker / Officer Justin Rosenal
Licensed by the PA Department of Banking NMLS# 336744
First Capital Mortgage Group
Manor Oak II 1910 Cochran Road Suite 545 Pittsburgh, Pa. 15220
Office 412-942-1020 ext 22 / Cell 412-913-0756
Email: jrosenal@hotmail.com
Pittsburgh Conventional Home Loans / Resources and Information
Requirements for Obtaining a Pennsylvania Conventional Mortgage
In most cases, a buyer should be aware that conventional financing may not be available if the home in question will bring housing costs above 28 percent of their monthly income. Most lenders calculate housing costs by adding the estimated monthly payment, property taxes and required insurance. If this total is $1,000 per month and the household or individual income is less than $3,570 then a conventional loan may not be possible. Potential buyers will need to discuss their particular situation with a mortgage professional.
Generally, most lenders offering conventional financing have a minimum FICO score requirement of 620. A conventional lender is more likely to look at trends and consider each applicant individually rather than deny the loan based on a single negative event in the credit history. This means that if you have a late payment or delinquency still showing up on your report but in the years since have had a perfect record, the lender may be willing to look past the history.
Unlike federally backed loans like the USDA mortgages, conventional mortgages require a down payment. In most cases, lenders will want to see 5 to 10 percent down. On a $200,000 house, you may need to cover $12,000 to $25,000 in upfront costs once you calculate down payments, taxes, fees and closing costs. If you plan on seeking the conventional route, it’s a good idea to start saving early.
Benefits of Conventional Loans
There are several possible benefits to conventional mortgages for people who can qualify. First, conventional mortgages come in more term lengths than some other loans, including terms that range between 10 and 40 years. Finally, there is usually not a penalty for most conventional conforming mortgages, making it a good option for those who plan to pay off debt early.
No matter what type of mortgage you apply for, you should always do your homework regarding interest rates and the company you are dealing with. This is especially true with conventional lending that may not conform to government standards.
Visit www.pittsburghomeloans.com to learn more about conventional loans.
Apply Online for a Pittsburgh Conventional Home Loan
Types of Conventional Loans
Adjustable rate, fixed rate, bridge home loans, balloon loans and hybrid loans are
types of conventional home loans. Each of these offers different interest rate structures
and payment terms.
Credit
Conventional loans usually require a higher credit score than FHA loans.
This is partially because conventional loans aren't backed by the government.
Debt-to-Income Ratio
A conventional home loan has a lower allowable debt to income ration,
usually between 33 percent and 36 percent, whereas an FHA loan allows
up to 41 percent.
Considerations
A conventional home loan may require a down payment of 20 percent.
In some cases, this amount may be higher depending on the borrower's credit.
Looking for more informaton on Conventional loans, FHA loans, Jumbo loans,
USDA loans and other types of loan programs available contact Justin Rosenal
for a free consultation.
Mortgage Broker / Officer Justin Rosenal
Licensed by the PA Department of Banking NMLS# 336744
First Capital Mortgage Group
Manor Oak II 1910 Cochran Road Suite 545 Pittsburgh, Pa. 15220
Office 412-942-1020 ext 22 / Cell 412-913-0756
Email: jrosenal@hotmail.com
Conventional home loan company broker serving all of
Allegheny County and Pittsburgh Pennsylvania
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http://activerain.com/pittsburghresources
http://www.1pittsburghomeloans.com/pittsburg-fha-home-loans-and-mortgages/
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