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A conventional loan typically offers a fixed interest or an adjustable rate. Typical fixed-rate loans have a term of 30 or 15 years.
With a conventional loan, purchase a home with as little as 3% down.
If you have good credit, a steady income, and can afford the down payment, our Conventional loan programs offer great rates and faster closings in most cases. So if you fall into this category and are ready to move forward, let’s get started today!
Conventional mortgages can have a fixed interest rate or an adjustable interest rate. Typical fixed-rate loans have a term of 30 or 15 years. However, Sun American Mortgage also offers 25-year, 20-year, and 10-year fixed-rate options.
Conventional mortgages typically require a higher down payment, usually 5%–20%. However, first-time homebuyers can now purchase a home with as little as 3% down!
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More than half of all new mortgage loans are conventional loans. It can be used to finance all different types of residential properties. Down payments generally range from 3% -20% of the purchase price.
Conventional loans tend to have cheaper mortgage insurance than any other loan program! The loan generally requires some form of mortgage insurance if the down payment is less than 20 percent. A conventional loan caters to those who have more money to put down & great credit scores.
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