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Miami Conventional Loans

Conventional loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.  Because of the ever changing mortgage market and recent economic issues, many of the loans being funded within “conforming limits” are being purchased by Fannie Mae and Freddie Mac.  In other words, the guidelines, loan limits and underwriting standards have all been standardized by the agencies (Fannie Mae and Freddie Mac).  Conventional loans utilize an automated underwriting system and loan approvals are based on many factors including:  credit history, down payment, property type, employment history, assets and property value.

Conventional loans have many benefits.  They are available for purchase, refinance or “cash out” refinance transactions, and for owner-occupied properties such as primary residences or second homes, or investment properties. Conventional financing is available for single family homes and other property types up to 4-unit properties.   Loan limits vary by the area of the Country you live in and by the property type you are purchasing or refinancing.

There are many factors involved in qualifying for a conventional loan including the amount of down payment required.  Down payment requirements can range from 5% to 25% (95% loan to value to 75% loan to value) depending on the area of the country you live in, your individual financial profile, and the type of property you are purchasing or refinancing:
•    Primary Residence
•    Second Home
•    Investment Property

Conventional loans with a combined loan to value over 80% must have Mortgage Insurance (MI).  MI rates and loan interest rates for a conventional loan are based on your credit history, the type of property you are purchasing, and the amount of down payment.  Loan programs available for conventional loans include:
•    Fixed rate mortgages (10, 15, 20, 25 and 30 year terms)
•    Interest only mortgages (available in certain circumstances)
•    Adjustable rate mortgages (3 year, 5 year, 7 year and 10 year fixed periods)

Features:
•    Maximum loan amounts (may vary by location):
◦    One family dwelling $417,000
◦    Two family dwelling $533,850
◦    Three family dwelling $645,300
◦    Four family dwelling $801,950
Terms:
•    30 year fixed rate*

◦    Monthly principal and interest payment never changes
◦    Safety and security in knowing what your payment will be in the future
•    15 year fixed rate*
◦    Monthly principal and interest payment never changes
◦    Safety and security in knowing what your payment will be in the future
◦    Loan will be paid off in half the time as a 30 year fixed rate loan
◦    While the monthly payment is higher than a 30 year fixed rate loan, the interest rate is typically less
•    5 year adjustable (ARM)
◦    Initial interest rate adjusts and becomes variable after the 5 year fixed rate period
◦    Lower interest rate than 30 year fixed rate loan during the first 5 years
•    7 year adjustable (ARM)
◦    Initial interest rate adjusts and becomes variable after the 7 year fixed rate period
◦    Lower interest rate than 30 year fixed rate loan during the first 7 years

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