Conventional Loan Basic Requirements
- Low down payments are available, 3% for example, but require (PMI) Private Mortgage Insurance
- Although 20% down payment is typically required to avoid PMI, Canyons Mortgage does offer many loan programs allowing up to 95% LTV (Loan-to-Value) with NO PMI requirement – ask us how!
- Good or excellent credit is required, generally 720 or above
- Rates are generally slightly higher than FHA, VA or USDA Loans. A Conventional loan may seem ‘simple’ at first glance, however, this doesn’t mean your, or your family’s, finances are
simple to calculate. Trust us to give you a full education on your options and your best ways to save money both now and going forward. - ‘Gift funds’ are also allowed on almost all Conventional loans
