BEST CONVENTIONAL LOAN RATES FOR YOU

COMPETITIVE RATES, FLEXIBLE TERMS, AND PERSONALIZED SERVICE

Free Consultation

CONVENTIONAL
LOANS

Looking for the best conventional home loans? Look no further than Blue Arrow Lending. Our conventional mortgage rates are highly competitive, making us a top choice for those seeking the best conventional loan rates.

We understand that conventional loan requirements can be confusing, which is why our team of experts is here to guide you through the process. Our conventional home loan programs offer flexibility to meet your unique needs, whether you’re a first-time homebuyer or a seasoned real estate investor.

At Blue Arrow Lending, we offer a range of conventional loan options, including fixed-rate and adjustable-rate mortgages. Use our convenient conventional loan calculator to estimate your monthly payments and see how much you can afford.

We believe that homeownership should be accessible to everyone, which is why we offer conventional loans with low credit score requirements. Plus, our conventional loan closing costs are competitive and transparent, so you’ll never be caught off guard.

Ready to get started? Contact us today to learn more about our conventional loan application process and get pre-approved. We’ll help you compare conventional loan vs FHA loan options and find the right mortgage solution for you.

TYPES OF CONVENTIONAL LOANS

Conventional loans are mortgages not insured by the federal government. Types of conventional loans include fixed-rate and adjustable-rate mortgages. Conventional loan rates and requirements vary by lender, but generally require a down payment of 3% to 20% of the purchase price. Conventional loan limits vary by location, but typically range from $548,250 to $822,375 in 2021.

Conventional home loan programs include options for first-time homebuyers, refinancing, and low credit scores. Conventional loan lenders offer various terms, rates, and closing costs. A conventional loan application process involves pre-approval, a credit check, income verification, and other documentation. Conventional loans differ from FHA loans in that they typically require higher credit scores and larger down payments.

ELIGIBILITY REQUIREMENTS FOR CONVENTIONAL LOANS

To be eligible for a conventional loan, borrowers must have a credit score of at least 620 and a debt-to-income ratio of 43% or less. They must also have a stable source of income, employment history of at least two years, and proof of assets such as savings and investments. The down payment for a conventional loan ranges from 3% to 20% of the purchase price, depending on the lender and loan program. Borrowers may also be required to pay for private mortgage insurance (PMI) if their down payment is less than 20%. Loan limits vary by location, but typically range from $548,250 to $822,375 in 2021.

BENEFITS OF CONVENTIONAL LOANS

Conventional loans offer several benefits to borrowers. They typically have lower interest rates than other types of loans, including FHA loans, which can save borrowers thousands of dollars over the life of the loan. Conventional loans also have flexible repayment terms, which can be customized to fit a borrower’s needs.

Additionally, conventional loans do not require upfront mortgage insurance premiums like FHA loans, which can save borrowers a significant amount of money at closing. Finally, conventional loans offer a wider range of loan programs and options, including options for first-time homebuyers and borrowers with low credit scores.

FINDING A CONVENTIONAL LOAN LENDER

To find a conventional loan lender, borrowers can start by researching lenders online, checking with their bank or credit union, or asking for recommendations from friends and family. When choosing a lender, borrowers should consider the lender’s reputation, experience, customer service, and rates and fees.

Blue Arrow Lending is a great choice for borrowers looking for competitive rates, personalized service, and a variety of loan programs and options, including conventional home loan programs, refinancing, and cash-out refinancing. With Blue Arrow Lending, borrowers can also use a conventional loan calculator to estimate their monthly payments and closing costs, making the lending process more transparent and accessible.

 

Blue Arrow Lending offers highly competitive conventional home loans striving to make the home buying process seamless and stress-free. As a mortgage Loan Officer with access to multiple lenders, they offer personalized solutions and exceptional customer service from pre-qualification to closing. Their commitment to excellence ensures that customers are informed and confident throughout the process, making their dream of homeownership a reality. Choose Blue Arrow Lending for a hassle-free home buying journey.

REVIEWS

I worked with Jenn for an FHA loan and she has been a god send throughout the entire process. I felt at ease working with her and the team. Being my first time buying a house, I cannot recommend Blue Arrow Lending enough!! I plan on continuing to work with this team during future purchases!

-JM

JM

Blue Arrow Lending exceeded my expectations in every way. They were professional, efficient, and went above and beyond to ensure that my loan was tailored to my specific needs. I would recommend them to anyone looking for a bridge loan.

Mark P.

I was hesitant to try the buy before you sell strategy, but Blue Arrow Lending made it possible. Their team provided me with a customized loan option that worked perfectly for my situation. I’m now living in my dream home, and I couldn’t be happier with the service I received.

Sarah K.

Blue Arrow Lending made the home buying process so easy and stress-free. Their team was incredibly helpful and responsive throughout the entire process. I would highly recommend them to anyone looking for a bridge loan.

John L.

Working with Blue Arrow Lending was a great experience. Their team was professional, responsive, and helped me secure the funding I needed to grow my business. I highly recommend their services.

Tom S.

I needed funding for my small business, and Blue Arrow Lending provided the perfect solution. They took the time to understand my business and provided a flexible financing option that met my needs. I couldn’t be happier with the service I received.

Sarah L.

Blue Arrow Lending helped me secure a fix and flip loan quickly and efficiently. Their team was knowledgeable and provided expert guidance throughout the process. I highly recommend their services.

John M.

Blue Arrow Lending helped me secure an FHA loan with a great interest rate. I couldn’t be happier with the service I received.

Michael S.

I highly recommend Blue Arrow Lending for anyone in need of an FHA loan. Their team was professional and helpful every step of the way.

Sarah L.

I had a great experience working with Blue Arrow Lending for my FHA loan. They were responsive, knowledgeable, and made the entire process as smooth as possible.

John D.

I was hesitant about applying for a USDA loan, but the team at Blue Arrow Lending made everything easy and straightforward. They walked me through the process step-by-step and answered all of my questions. Thanks to them, I was able to purchase my dream home in a rural area. I highly recommend Blue Arrow Lending!

John R.

Working with Blue Arrow Lending was an amazing experience! Their team was incredibly knowledgeable and helpful throughout the entire loan process. They made everything easy and stress-free, and we couldn’t be happier with our new home. We highly recommend Blue Arrow Lending to anyone looking for a USDA loan.

Sarah C.

Conventional Loan Near You

Discover Your Dream Home with a Conventional Loan

    Frequently Asked Questions

    How is a Conventional Loan different from an FHA Loan?
    Conventional loans are not insured by the government, while FHA loans are backed by the Federal Housing Administration. Conventional loans typically require a higher credit score and down payment, but offer more flexibility in terms of loan programs and options.
    What credit score do I need to qualify for a Conventional Loan?
    Most lenders require a credit score of at least 620 for a conventional loan, but some may require a higher score.
    How much of a down payment do I need for a Conventional Loan?
    The down payment for a conventional loan can range from 3% to 20% of the purchase price, depending on the lender and loan program.
    What are the benefits of a Conventional Loan?
    Benefits of a conventional loan include lower interest rates, flexible repayment terms, no upfront mortgage insurance premiums, and a wider range of loan programs and options.
    What is Private Mortgage Insurance (PMI) and do I need it for a Conventional Loan?
    PMI is insurance that protects the lender if the borrower defaults on the loan. PMI is typically required if the borrower’s down payment is less than 20%.
    Can I use a Conventional Loan to purchase a second home or investment property?
    Yes, conventional loans can be used to purchase second homes or investment properties.
    How do I apply for a Conventional Loan?
    To apply for a conventional loan, borrowers can contact a lender directly or apply online.
    How long does it take to get approved for a Conventional Loan?
    The approval process for a conventional loan typically takes between 30 to 45 days.
    Can I pay off a Conventional Loan early without penalty?
    Most conventional loans do not have prepayment penalties.
    Can I refinance my current mortgage with a Conventional Loan?
    Yes, borrowers can refinance their current mortgage with a conventional loan.
    What are the requirements for a Conventional Loan refinance?
    Requirements for a conventional loan refinance vary by lender, but typically include a credit check, income verification, and appraisal.
    How much can I borrow with a Conventional Loan?
    Loan limits vary by location, but typically range from $548,250 to $822,375 in 2021.
    Can I get a Conventional Loan if I am self-employed?
    Yes, self-employed borrowers can qualify for a conventional loan, but may need to provide additional documentation of their income and assets.
    Are there any special programs available for first-time homebuyers with Conventional Loans?
    Yes, there are several conventional loan programs and options available for first-time homebuyers, including low down payment options and special loan programs.
    Can I use gift funds for my down payment on a Conventional Loan?
    Yes, borrowers can use gift funds for their down payment on a conventional loan.
    What happens if I miss a mortgage payment on my Conventional Loan?
    If a borrower misses a mortgage payment on a conventional loan, they may be charged a late fee and their credit score may be affected. If the borrower continues to miss payments, they may face foreclosure.
    What should I do if I am having trouble making my Conventional Loan payments?
    If a borrower is having trouble making their conventional loan payments, they should contact their lender immediately to discuss their options, which may include loan modification or forbearance.