Conventional Monument Colorado Home Loans
A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 5% down payment. Kevin Guttman at Colorado Home Loan Team, Colorado Springs - Colorado Statewide, helps buyers secure a conventional loan when purchasing property.
A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.
Pre-qualify for a Conventional Loan today! www.ColoradoHomeLoanTeam.com
Applying for a Conventional Loan and Colorado Mortgage In Monument
Typically, a conventional loan requires that borrowers have 5-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.
Typically, we will review the following items with you when applying for a conventional loan in Monument Colorado:
Your Employment (Is your income and employment steady?)
Down Payment (How much can you afford to put down?)
Credit History (Is your credit good, do you have late payments?)
In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.
Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from www.ColoradoHomeLoanTeam.com!
Conventional Loan Terms for 80132 Monument
Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.
Conventional loans are perfect for Monument homeowners who have funds available for a down payment and excellent credit. The application process goes quicker thanFHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.
To see if you pre-qualify for a Conventional Colorado home loan, contact Kevin Guttman at www.ColoradoHomeLoanTeam.com today at 877-251-9709
Kevin Guttman
Sr Mortgage Banker andTop Colorado Home Loan Originator
Monument Home Loans Approved Here
www.ColoradoHomeloanTeam.com
We Finance Your Dream
877-251-9709
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