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Conventional Mortgages

Conventional Home Loans Missouri

Hometown Equity Mortgage is an experienced home loan lender since 2001. 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.

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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

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

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* 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.