Houston Home Loans – Conventional
Conventional home loans in Houston are the most common types of mortgages and are insured by either Fannie Mae or Freddie Mac. Houston conventional home loans are readily available to today’s consumer. If you are ready to buy your first home or your next home, the conventional mortgage may be the ideal investment. It is also one of the most common options available. With numerous conventional lenders in Houston, it is possible to find an affordable loan that meets your long term needs. Before you select this type of loan, there are a few key things you need to know about them. These loans are insured by Fannie Mae or Freddie Mac, the country’s leading mortgage backers. These loans do offer lower rates and lower mortgage insurance requirements making them a good option for many of today’s home buyers.
In Houston conventional home loans tend to be the ideal choice for those who have solid credit and who may have experience with home purchases. FHA loans, on the other hand, have government backing and lower interest rates, but tend to require mortgage insurance (which raises the cost significantly.) It is always a good idea for home buyers to compare companies to determine which conventional mortgage in Houston is right for their unique needs. Look at the length of the loan, the interest rate, whether or not it has a fixed or an adjustable rate (both are available in most cases) as well as if the loan is large enough to cover your purchase. These basic, easy to obtain loans by well qualified consumers are available from conventional lenders in Houston, TX.
Home Loans Facts
- 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
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About Houston Conventional Home Loans
The qualifying criteria for a government-backed mortgage and a conventional loan are very similar, but conventional loans require slightly more qualifications. To obtain a conventional mortgage in Houston, you need to meet some qualifications. Generally, you can finance these loans for 10, 15, 30 or more years, depending on the specifics of the loan. You may need to make a down payment. Generally, conventional lenders require up to a 20 percent down payment. Jumbo conventional loans are also available. In Houston, these can be valued up to $417,000, which means you can often purchase a home with a low interest rate. These loans are generally easy to get if you have good or better credit, the home is valued at least at the purchase price, and you have a down payment. These loans are not backed by the U.S. government.