Conventional Home Loans

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Couple talking about conventional home loans with their Loan officer

What is a Conventional Home Loan?

Conventional home loans are a type of mortgage that is not guaranteed or insured by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans are offered by private lenders such as banks, credit unions, and mortgage companies. Conventional loans can be either conforming or non-conforming, depending on whether they meet the guidelines set by Fannie Mae and Freddie Mac. Conforming loans have lower interest rates and are easier to qualify for because they meet the government-sponsored entities' guidelines, while non-conforming loans are riskier for lenders and may have higher interest rates.


To qualify for a conventional home loan, borrowers typically need to have a good credit score, a stable income, and a down payment of at least 3% of the home's purchase price. Borrowers with a down payment of less than 20% may be required to pay for private mortgage insurance (PMI), which protects the lender if the borrower defaults on the loan. Paying a higher down payment can help reduce monthly mortgage payments and may also allow the borrower to avoid paying for the PMI.


Conventional home loans come in different types, including fixed-rate mortgages and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have a constant interest rate throughout the life of the loan, which can range from 10 to 30 years. ARMs have interest rates that can change after an initial fixed-rate period of 3, 5, or 7 years. ARMs may be a good option for borrowers who plan to sell or refinance their home before the interest rate adjusts.


Cash-out refinancing is another type of conventional home loan that allows homeowners to refinance their existing mortgage and take out a portion of their home's equity as cash. This option is suitable for homeowners who need money for home improvements, debt consolidation, or other expenses.


Overall, conventional home loans offer competitive interest rates, flexible terms, and a variety of options that can cater to a borrower's specific needs. It is always advisable to shop around and compare loan options from different lenders to find the best mortgage for your situation. Anyone of our highly knowledgeable loan officers can help guide you through the process and find the right loan for you.

Key Features
  • As low as 1% Down*

*With qualifying credit

*Grant approval

  • Minimum Credit Score of 620
Do I Qualify?

Borrowers typically need a credit score of at least 620 and a stable source of income that is sufficient to cover their monthly mortgage payments and other debts. A debt-to-income (DTI) ratio of 43% or lower is typically required. Additionally, borrowers will need to make a down payment of at least 3% of the purchase price.

What is the process?
Here’s how our home loan process works:
  1. Complete our Conventional Mortgage Qualifier
  2. Receive personalized loan option
  3. Compare mortgage interest rates and terms
  4. Select the offer tailored to your needs!

Have any questions?

417-708-4207

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9:00 AM - 5:00 PM

Need some help?

info@CMBrokers.com

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Meet The Team

Our team of experts are committed to providing personalized guidance throughout the mortgage process, ensuring that you have all the information you need to make informed decisions about your loan. From pre-qualification to closing, our team will work with you every step of the way to make your mortgage experience as smooth and stress-free as possible. Contact us today to schedule a consultation and start your journey to owning your dream home.

ANDREW CHAVEZ

Branch Manager

NMLS# 1938889

Licensed in MO, KS, AR, CO, FL

Gabriel Axtell

Branch Team Lead

NMLS# 2012807

Licensed in MO, KS, AR, CO, FL

Evan Dockstader

Branch Operations Team Lead


Leslie Dean

Branch Marketing Leader

Sergey Khokhlan

Mortgage Broker

NMLS# 2121155

Speaks: English & Russian

Anton Kalashnikau

Mortgage Broker

NMLS# 2116844

Speaks: English & Russian

Andy Heffner

Mortgage Broker

NMLS# 2045703

Speaks: English

Michael Lindsay

Mortgage Broker

NMLS# 2215322

Speaks: English

Eugenia Kashubin

Mortgage Broker

NMLS# 2242302

Speaks: English & Ukrainian

Dustin Sullins

Mortgage Broker

NMLS# 2070053

Speaks: English

Coty Cowan

Mortgage Broker

NMLS# 2264664

Speaks: English

Phillip Zverev

Mortgage Broker

NMLS# 2264664

Speaks: English

Drew White

Mortgage Broker

NMLS# 1900791

Speaks: English

William Lotz

Mortgage Broker

NMLS# 2095033

Speaks: English

Jeff Johnson

Mortgage Broker

NMLS# 2565520

Speaks: English

Lauren Williams

Mortgage Broker

NMLS# 2565520

Speaks: English

Jason Schmierer

Mortgage Broker

NMLS# 2565520

Speaks: English

Amy Stockdale

Office Manager



Kristina Borishkevich

Loan Officer Assistant



Lexi Ugolini

Loan Officer Assistant



Amanda Britain

Loan Officer Assistant