El Paso Home Loans – Conventional
If you are considering buying a house in the El Paso area or taking out a loan for it, you might want to do it now while rates are low. With interest rates this great, if you find your dream home, apply for your loan now so you can lock in your rate. While there are different types of loans, you might want to apply for a conventional home loan. Because these loans are backed by Fannie Mae or Freddie Mac, that means you will get better financing with a low down payment. Maybe you’re even thinking about buying an investment property or purchasing a second home that you want to fix up and then sell for a higher value. Because there are so many deals and incentives, make sure to look into conventional loans now before rates go back up. Lone Star Financing offers same day approvals – call us today and learn why more people choose Lone Star Financing for their El Paso home mortgages. Local customer service!
When you need El Paso conventional home loans, make sure to confirm that you qualify. Requirements for a conventional home loan may include your work history and salary level, as well as a strong credit score. Even if your score isn’t great, there are ways to get it higher by getting an updated credit report, taking old entries off, rebuilding your credit and then reapplying in a few months. You want to have a better credit score for a conventional loan, so ensure that you have any old debts paid off. Advantages to a conventional loan include: no money down, or only a small down payment that might be as low as 5%, and lower closing costs.
- 20% Down Payment
- Up to $417,000 Loan Value
- Lower Mortgage Insurance
- 2nd Homes & Investment Properties
- Lower Rates & Better Terms
- Not Guaranteed by the Government
Apply for Your Mortgage Today!Apply Now
More About El Paso Conventional Home Loans
If you are looking for conventional mortgage lenders in El Paso, make sure you check out Lone Star Financing. Because your home is a big purchase, you want to plan ahead for it and find the right one. You also want to meet the appropriate qualifications for your loan. The standard down payment for a conventional loan is 20 percent of the cost of the home. If you are unable to put down this amount, there are many options around the requirement. One is purchasing mortgage insurance, which is tacked onto your monthly payment until the amount you owe on the home is less than 80 percent. Another is to choose a loan program that requires a smaller down payment or no down payment at all. You will probably have to have a great credit score to qualify for such a loan. Still have questions? Please give one of our friendly El Paso home loans consultants a call today!