Conventional Loans

Purchase or Refinance Transactions

To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.

Looking to Purchase or Refinance Transactions?

Conventional Loans can be used for Purchase or Refinance Transactions.

At Secure Funding Group we offer a wide range of Conventional loan programs. Credit Score requirements as low as 620 and maximum financing of up to 97% of the property value. Our Conventional loans allow financing with borrowers with more than10 properties.

Fill out my online form.

What is a Conventional Loan?

By definition, a conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Conventional loans may be either “conforming” and “non-conforming”. Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don’t meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional. Whether you’re buying a home or want or refinance your mortgage, a Conventional Loan might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, Conventional Mortgages can give you piece of mind with super low closing costs and flexible payment options.

What are the Conventional Loan Requirements?

To decide if you qualify for an Conventional Mortgage Loan, we will look at:

  • Your income and your monthly expenses. Standard debt-to-income ratios are 28/36 for Conventional Loans. These ratios may be exceeded with compensation factors.
  • Your credit history (this is important, but Conventional’s credit standards are flexible). A FICO score of 620 or above is very helpful in obtaining an approval.
  • Your overall pattern rather than to individual problems you may have had.

To be eligible for an Conventional mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (28% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is generally required to obtain an Conventional approval. You must also have enough income to pay your housing costs plus all additional monthly debt (36% ratio). These percentages may be exceeded with compensating factors.

Our Loan Types

Expertise you can trust

Home Ownership Affordable Program (HARP)

Federal Housing Administration (FHA)

FHA Streamline

Veterans Administration Loans

VA Interest Rate Reduction Finance Loan (IRRRL)

Conventional Loan

USDA Rural Housing Loans

California Housing Finance Authority (CalHFA)

Home Ownership Affordable Program (HARP)

HARP is a Mortgage Refinance Loan that is designed to help homeowners, who have not been late on their mortgage payments and who have been denied loans because of their declining property values, get a new more affordable, more stable mortgage without the Property Value limitations.

Federal Housing Administration (FHA)

FHA Loan is a Mortgage Loan that is insured and backed by the Federal Housing Administration. This loan is often used by First Time Homebuyers since the program has low down payment and flexible credit requirements.

FHA Streamline

FHA Streamline is a Refinance Loan Program that is designated to reduce an existing FHA loan’s current Interest Rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Veterans Administration Loans

VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. This loan is designated for eligible American Veterans or their surviving spouses and offers 100% financing with no mortgage insurance to the borrowers.

VA Interest Rate Reduction Finance Loan (IRRRL)

VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Conventional Loan

A Conventional Loan is a Mortgage Loan that is not insured or guaranteed by any Government Agency. Conventional loans adhere to Fannie Mae guidelines and typically require excellent credit and larger down payment. Unlike FHA and VA Loans, Conventional loans can be used to finance a primary residence, a second home, or an investment property.

USDA Rural Housing Loans

USDA is a mortgage loan that offers 100% financing in rural areas and is guaranteed by the United States Department of Agriculture. USDA loans and have low interest rates and have flexible underwriting guidelines and can be used for Purchase or Refinance transactions.

California Housing Finance Authority (CalHFA)

CalHFA is a First Time Homebuyer loan that is can be used as a First Mortgage Loan or as a Down Payment Assistance Loan. CalHFA loans have eligibility requirements based on Income, Household members, and County Limits.

Find out if an Conventional Loan is right for you. Take a moment to fill out an application or call to speak with an experienced Loan Officer today.