LOAN PROGRAMS

Conventional Loans

WHAT ARE CONVENTIONAL LOANS?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans. However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.

MOST COMMON TYPES OF CONVENTIONAL LOANS

Fixed Rate Mortgages: Your rate and payment never change.

  • 30 Year Fixed Loan
    Benefits: Lowest fixed monthly payments

  • 20 Year Fixed Loan
    Benefits: Low fixed monthly payments

  • 15 Year Fixed Loan
    Benefits: Lower rate than the 30 or 20 Year Fixed Loans; Pay less interest and pay your home off more quickly.

  • 10 Year Fixed Loan
    Benefits: Lower rate; Pay off your loan and build equity faster.

  • 5 Year Fixed Loan
    Benefits: Lowest rate; Pay off your loan and build equity the fastest

Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.

  • 3/1 ARM
    Fixed Rate for 3 Years, Adjustable Rate for the remaining 27 years

  • 5/1 ARM
    Fixed Rate for 5 Years, Adjustable Rate for the remaining 25 years

  • 7/1 ARM
    Fixed Rate for 7 Years, Adjustable Rate for the remaining 23 years

Down payments as low as 3.5%.

Minimum credit score 580.

A larger down payment is required if lower.

Requires private mortgage insurance.

Popular among first-time home buyers and borrowers with low-to-medium income.

Only applicable for borrower's

primary residence.

Maximum mortgage limits vary by state and county. 

FAST FACTS

WE'RE HERE TO GUIDE YOU

Going the extra acre for our clients to make the mortgage process as easy, clear, and efficient as possible. That's Acre Mortgage's philosophy.

MORTGAGE

PROGRAMS

Which Mortgage is best for you?

GET APPROVED NOW

  • Acre Mortgage Facebook
  • Acre Mortgage Twitter
  • Acre Mortgage LinkedIn

1016 Laurel Oak Rd. Ste 3

Voorhees, NJ 08043

856 344 5107

© 2019 Acre Mortgage & Financial Inc.

Showing You a Faster Way Home

Corporate NMLS# 13988 Branch NMLS# 821241

Licensing & Compliance

Privacy Policy