Welcome to Southern Elite Mortgage, where your dream home becomes a reality. A conventional mortgage is one of the most popular loan options available, and for good reason. With flexible terms and competitive rates, it’s a fantastic choice for many homebuyers.
What is a Conventional Mortgage?
A conventional mortgage is a type of home loan that is not insured or guaranteed by any government agency, such as the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the USDA Rural Housing Service. Instead, these loans adhere to the guidelines set by Fannie Mae and Freddie Mac, the two largest investors in conventional loans.
Qualifications for a Conventional Mortgage
To qualify for a conventional mortgage, you generally need:
Lower Costs: Conventional loans often have lower costs compared to government-backed loans. Without the requirement for upfront mortgage insurance premiums, you save on initial costs.
Flexible Terms: Choose from various term lengths, typically ranging from 10 to 30 years. Shorter the loan term, the less interest you will pay over the life of the loan.
Down Payment Options: With little as 3% down, Private mortgage insurance may be required. With 20% Down no mortgage insurance will be required
Competitive Interest Rates: With a strong credit score, you can secure lower interest rates compared to other types of loans.
At Southern Elite Mortgage, we are dedicated to guiding you through the homebuying process with ease. Our experienced loan officers will help you understand your options and choose the best mortgage to fit your financial goals. We offer personalized service and support from application to closing, ensuring a smooth and stress-free experience.
Southern Elite Mortgage LLC, NMLS# 2581600 (www.nmlsconsumeraccess.org). Southern Elite Mortgage LLC is licensed in Virginia as a mortgage broker under license number MC-7881. This is not an offer for the extension of credit or a commitment to lend. Some restrictions apply. Not all applicants will qualify for financing. Southern Elite Mortgage LLC is an equal housing opportunity mortgage broker.
804-293-2425
