A conventional loan is one of the most popular types of loan programs for homeowners with good, great, or exceptional credit ratings. They are offered through private insurers Fannie Mae and Freddie Mac, so your down payment can be as low as 3% in certain cases. Rates are generally low and can be fixed or adjustable.
Contact C2 Financial Corporation – Dino Palmieri today to see if you qualify for a Pasadena conventional loan today. Our experienced agents will guide you through the loan and the steps needed to apply to secure one that fits your expectations and requirements.
Call (866) 303-7050 or click button below to get started with Pasadena’s #1 mortgage company today.
Why Pasadena Homeowners Choose Conventional Loans
Because they are done through public-private insurers, rates are extremely competitive and often lower than any other types of loan programs.
Because they are done through public-private insurers, the borrower can negotiate fees and other specifics of the loan to pay even less.
Because they are accessible only to those with a solid credit background, down payments are low, as are interest rates and fees.
If you have a solid credit background and you are “attractive” to lending companies, a conventional loan is the first type of loan program you should look at when you’re buying a home.
How to Determine if You’re Eligible
What’s your credit score? Lending companies vary in their credit requirements for conventional loans. If you have a “good” credit score, you can often be accepted for a Pasadena conventional loan. Your rates will often be affected by how good your credit score is. Contact us to learn more.
What’s your income? In general, conventional loans are given to those who are spending 30% or less of their monthly incomes on a mortgage payment, and to those who spend less than 45% of their incomes on other debt obligations, such as credit card debt and student loans. However, these numbers are not set in stone – they may be higher or lower depending on criteria like your asset reserves and credit score.
What can you afford for a down payment? Though conventional loan programs require the least capital in down payments, homeowners should still expect to put up 3% to 20% of the home’s value. Rates can be affected by your down payment, though conventional loans tend to still be the best for Pasadena residents, even if you are towards 3% on that sliding scale.
How to Apply for a Pasadena Conventional Loan
When you apply for a Pasadena conventional loan, you will need to provide documentation to prove your income and your ability to pay. Expect to submit information such as the following…
- Job documentation, such as your recent job history and the accompanying pay stubs.
- Income documentation, such as the stability of your income and your tax filings for verification.
- Other documentation, such as proof of residence and any address changes you have made in the past few years.
With this information, private lending companies will be able to make you a custom offer. We can help you negotiate this offer down even lower so that your Pasadena conventional loan is the best it can possibly be.
Contact C2 Financial Corporation – Dino Palmieri to get started today. We’ll guide you through the necessary steps and take care of the complicated application process for you.
Call (866) 303-7050 or fill out the short form below now.