What is a Conventional Loan?
A Conventional Loan is the most straightforward loan, as it is not a part of any specific government program. It follows stricter guidelines for borrower credit scores, minimum cash required, and debt-to-income ratios. As a result, this type of loan offers great terms and interest rates, resulting in low monthly payments.
In the past, Conventional Loans required a 20% cash up front to purchase a home. But Accelerate Mortgage can help you get a Conventional Loan with as little as 3% cash required from the buyer with NO PRIVATE MORTGAGE INSURANCE, also known as PMI. Many of our clients are eliminating the mortgage insurance premium (MIP) on their FHA loans by refinancing into Conventional Loans with no PMI. Fill out our Contact Form to learn more!