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Conventional Mortgages

Conforming Conventional Home Loans

Hometown Equity Mortgage is an experienced conventional home loan lender. We’re here to help our friends and neighbors in Missouri go through the maze of information to help you obtain a “conforming” or “nonconforming” conventional loan that fits your needs.

We’re also licensed to serve you in 39 US states. Click here to view the list

What are Conforming and Non-Conforming Home Loans?

Unlike a Federal Housing Administration loan, a conventional mortgage loan isn’t backed by any federal agency and most loans will require between 5% and 20% down.

Here are some key points:

  • Most conventional mortgages have either fixed or adjustable interest rates.
  • Typical fixed interest rate loans have a term of 15 or 30 years while a shorter term loan usually results in a lower interest rate.
  • Adjustable-rate mortgages (ARMs) fluctuate in relation to the rate of the standard financial index. Monthly payments can go up or down accordingly.
  • A “conforming” conventional loan is generally under $417,000 or less for a single family home. These limits can vary in pricier parts of the USA.
  • Loans above the lending limits set by Fannie Mae and Freddie Mac are called nonconforming or Jumbo loans.
  • If you make a down payment of 20% or more you generally will not be required to carry mortgage insurance.
  • Includes down payment amount which requires disclosure of repayment terms and annual percentage rate (APR).

Do I Qualify for a Conforming Home Loan? *

There are established guidelines to qualify which can change frequently. Here’s some of the areas to qualify in:

  • Borrower credit scores should be at least a 620 credit score.
  • Minimum down payments as low as 3%.
  • Chapter 13 Bankruptcy – You may have to wait 2-4 years to qualify.

How To Get Started Online

Hometown Equity Mortgage makes it easy to get started. Apply online to see if you qualify by clicking on the banner below, or call us in Missouri at: (855) 563-4836.

Apply Now

What clients are saying..

“Five stars is not enough to assess the work with Shawn Allen & Don Miller. This was my first time purchasing a home and they made the process incredibly easy. Shawn was truly on call with any questions or concerns I had and he would respond immediately. From the initial email to their office to the last one notifying me of my closing date, the customer service was above and beyond my expectations. I highly recommend Hometown Equity Mortgage to anyone that has any thought at all of home ownership. These guys make it too simple! Thanks again Shawn & Don!”
— Patrick K. / 5 Stars Google My Business

“As a first time home buyer, Bob McGrail/Hometown Equity Mortgage guided me through the process and made it easy. Not only was he diligent in getting the work done, he knew the ins and outs of a very particular loan that I needed. They got my loan done fast and found every opportunity to get me every benefit possible throughout buying this home. I would highly recommend Hometown Equity Mortgage to anyone buying a home.”
— Craig, Kansas City, MO

* Disclaimer: Certain restrictions and credit approval apply; not all applicants will qualify. All approvals are subject to underwriting guidelines which include but are not limited to: acceptable credit & income history, current homeowners insurance, property value, debt to income ratio, etc. Minimum & maximum loan amounts apply. Please contact Hometown Equity Mortgage for further details.