A conventional loan is one that is not insured by any federal program, such as FHA and is considered a standard home mortgage. While it may be confusing there are two types of conventional loans, conforming and non-conforming.
A conforming loan meets federal requirements set by agencies such as Fannie Mae and Freddie Mac, while a non-conforming does not and can be considered a conventional mortgage. The property itself is the guarantee of repayment to the lender.
When applying for a mortgage in New York it may be a wise move to contact our mortgage company MortgageDepot, to find the best possible terms and programs the potential buyer may qualify for.
We are familiar with all the rules and what the requirements are that potential home buyers will need to meet in order to quickly close on their loan and get their first home.
For the first time home buyer there are some things that may be needed including a credit report, down payment and proof of income. The percentage of property value and maximum loan amounts can vary by county, and this is where mortgage brokers in New York come in. We will know the requirements of each county as far as the maximum allowed loan amount and how to cut through the red tape to get the process over with as soon as possible.
Getting a conventional loan for the first time can be a very intimidating process if the potential home owner is not aware of what will be involved. We at MortgageDepot give the home buyer a guide familiar with mortgages in New York no matter what county they have decided to move to.
Contact one of our loan consultants to see if you qualify.
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