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Conventional Home Loans

Conventional home loans are the go-to for many different home buyers, as they offer fair terms and easy to meet financial goals. Even so, navigating the home purchase loan world can be tough without the right information, and when you work with Spire Financial (A Division of V.I.P. Mortgage Inc.) you never have to go it alone. We have a team of loan experts who love to help people find their best conventional loan options, taking the frustration and confusion out of the process.

Is A Conventional Home Loan Right For You?

About 35 to 50 percent of home buyers opt to go with conventional loans. If you have a solid credit rating, these home loans deliver many benefits. The biggest benefit is the ability to avoid Mortgage Insurance (MI) if you put down a 20% down payment. If you have less than 20% down payment, the Conventional loan will drop MI once you’ve paid off 22% through the natural course of payments. Any buyer that has a solid credit score or can come up with a substantial down payment should strongly consider the conventional home loan route.

The Versatility of Conventional Purchase Loans

Unlike FHA or VA loans, conventional loans can be used on investment properties and second homes. If you’re seeking assistance buying a vacation home or speculative property, then this type of purchase loan could be perfect for you.

When Are Conventional Loans A Bad Idea?

Conventional loans have the best rates and terms when someone has a larger down payment and an excellent credit score. If you have either of these, it’s worth comparing Conventional loans to the other loan options you have (typically FHA loans). If your credit score is below average, (less than 700-720) and you don’t have at least 20% down payment, then an FHA might have better terms and payments for you. 

There is a large overlap on Conventional and FHA loans. The quickest way to figure which option makes the most sense is to have a loan originator compare the options for you based on your unique scenario.

Spire Financial can quickly do this for free. Just reach out on the contact form below and a team member will get your answer immediately.

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