What is a Conventional Loan?
Conventional loans can be made to purchase or refinance a home. Conventional loans include fixed rate mortgages and adjustable rate mortgages. A conventional loan typically requires a minimum 3% down payment for owner occupants, 10% for vacation homes, and 20% down for investment homes. Private mortgage insurance is waived with 20% down for all occupancy types. This is the product of choice for most well qualified buyers and anyone looking for a non-owner occupied mortgage. Our qualified and experienced loan officers here at Tabor Mortgage Group can help you decide which type is the perfect fit for you.
Learn more about Conventional loans and loan rates by talking with a Loan Officer today!