Conventional Loans

Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.

What is the requirement for conventional loan?

Minimum fico score of 620, down payment of 5%, debt to income ratio of 49%, No recent bankruptcy, modification or foreclosure within 4-5 years and lastly, the loan amount is based on the particular county limit in your area.

How much could the seller contribute to my closing costs?

Usually 3% if you are putting 10% or lower down payment, otherwise if you are putting 20% or more, then seller could contribute up to 6% of the selling price.

Do I need to pay mortgage insurance?

Typically if you are putting less than 20% down payment, then you are required to pay mortgage insurance, however now a days, mortgage insurance (MI) are very low in costs and you could also buy it with a little more in the interest rate.

How long does it take to close a conventional loans?

Typically 30 days, but we at National Pacific Lending could close as early as 14 days, provided we have complete documents requirement to close the loan.

How is my interest rate determined?

It depends on your credit score, down payment and the type of loan you could qualify for.

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Company NMLS: 240639
Licensed by DRE: 01264348

Contact Us

National Pacific Lending
9891 Irvine Center Drive Suite 150
Irvine, CA 92618

(949) 362-1400

SAT-SUN: By appointment only