Conventional Program is our most popular product for purchasing and refinancing a new home. Depending on your qualifications, the maximum loan amount can be 97% of the value of your primary residence, secondary residence, or investment property. You can put as little as 3% down.
Products
Conventional
Loans
Conventional Program is our most popular product for purchasing and refinancing a new home. Depending on your qualifications, the maximum loan amount can be 97% of the value of your primary residence, secondary residence, or investment property. You can put as little as 3% down.
Conventional Loans Features
Low-Interest Rates
Market rates are competitive, adding to their popularity.
Optimal Credit
Borrowers with great credit apply for
this product.
this product.
Different Properties
Conventional Loan cover Primary, secondary, and investment properties.
Common Conventional Loans Questions
When do I want to do a Conventional Loan versus FHA Loan?
We recommend Conventional if the borrower has optimal credit.
FHA is great for first-time buyers and those building up credit – its low down payment requirement is a great way to get your foot in the door of the housing market. FHA loans are only for primary residences.
Every situation is unique; our loan officers will guide you in the best mortgage program and terms that suit your needs.
What are the Conventional requirements For a Purchase loan at iApprove Lending?
- A minimum 3% down payment is possible
- A minimum FICO® Score of 620
- Down payments can be from a gift
- Sellers, real estate agents, or lenders can pay for your closing costs
- Monthly combined liabilities (e.g., credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income
What are the conventional Loan requirements for Refinance Rate-Term at iApprove Lending?
- A minimum FICO® Score of 620
- Monthly combined liabilities (e.g., card payments, credit card payments, loan payments, housing expenses) do not exceed 50% of your monthly pre-tax income.
What are the Conventional Loan requirements for Refinance Cash-Out at iApprove Lending?
- A minimum FICO® Score of 620
- You must have been on title for at least six months.
Start a quote right now
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Start a quote
right now
Use our live calculator to see today’s rate.