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Conventional Home Loans

Conventional loans are the most common type of loan and are ideal to help homebuyers find their best mortgage plan with simplicity.
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What is a conventional loan?

Conventional mortgages are not backed or insured by government agencies, such as the Federal Housing Administration, Department of Veterans Affairs, or U.S. Department of Agriculture. As such, the home buyer is typically responsible for any required mortgage insurance payments.

Find the right loan for you

The right loan program depends on many factors: down payment, credit, your monthly budget, and more. Talk to a loan expert at ShayMak Mortgage to find the best home financing solution for you and your goals.

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Why Try a Conventional Loan?

Conventional loans can offer a variety of advantages, such as lower interest rates, varied down payment options, different fixed-rate mortgage terms, and reduced mortgage insurance. If you pay mortgage insurance with a conventional loan because you put down less than 20%, you usually can cancel the MI once the principal balance of the loan reaches 20% equity in the property.

Who qualifies for conventional loans?

Conventional home loans can be a great option for many people, particularly those with a good credit history, regular income, and a substantial down payment. However, even if you don't meet all of these requirements, you may still be able to qualify for a conventional loan. The beauty of these loans is that they can offer flexibility depending on your specific situation.
Conventional Homes

Requirements of a Conventional Loan

The lender must assess your credit score, debt-to-income ratio, income, and cash reserves when considering a conventional loan. This is because the lender is taking on more risk since the loan is not backed by the government. To ensure that you can repay the loan, the lender needs to be confident in your financial situation.

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Let the the loan experts at ShayMak Mortgage help you find the right path to home ownership.

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ShayMak Mortgage, LLC, NMLS #1989312. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.

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