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Conventional Loans


CONVENTIONAL LOANS


What is a Conventional Loan?

A conventional loan is a mortgage loan that's not backed by a government agency. Conventional loans are originated, backed and serviced by private mortgage lenders like banks, credit unions, IMBs like Fidelity Direct Mortgage, LLC (FDM) and other financial institutions.

How Does a Conventional Loan Work?

Conventional loans are broken down into conforming and nonconforming loans, depending on whether or not they conform to guidelines set by the Fannie Mae and Freddie Mac, the two government-backed mortgage companies that own many mortgages in the U.S.

What are Conventional Loan Requirements?

Here are some general characteristics to know:

  • Credit score requirement: It's possible to get approved for a conforming conventional loan with a credit score as low as 620. Once again, Lenders may place their own requirements of higher credit score but FDM follows guidelines set by the agencies.

  • Down payment requirement: You can find conventional mortgage loans with a down payment requirement as low as 3%. There may be Down Payment assistance available based on Income/Credit/County/State etc. However, if you do not put down 20% or more, the lender typically requires you to pay Private Mortgage Insurance (PMI).

Why take out a Conventional Loan?

  • You can find conventional mortgage loans with a down payment requirement as low as 3%. There may be Down Payment assistance available based on Income/Credit/County/State.


The above description is very basic and does not cover all the details.  Every loan product has fine nuances, exceptions, exclusions and inclusions. To find out which loan product fits you best you should consult a Morgage Loan professional for tailoring your loan to your needs and your situation.  FDM is qualified for all these loan products and more, including grants and other unique products.

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NMLS     |     FAIR LENDER     |     FAIR HOUSING   |   CAREERS

Copyright © 2019 Fidelity Direct Mortgage LLC

Fidelity Direct Mortgage LLC NMLS #188829
NMLS#: 188829  |  http://www.nmlsconsumeraccess.org
DE License 020884 | DC License MLB188829 | FL License MLD1397 | MD License 188829 | Licensed by NJ Dept. of Banking | PA License 52469 | VA License MC-3879 | WV Broker License MB-35882 | WV Lender License ML-35797 | Licensed by the Virginia State Corporation Commission | NC License L-189983 | SC License MLS - 188829

No FDM Borrower Left Behind!

 

438 North Frederick Avenue, Suite 315, Gaithersburg, MD 20877

Direct:  (301) 869-6000 | (866) 527-8052  |  contact@fdmhome.com

NMLS     |     FAIR LENDER     |     FAIR HOUSING   |   CAREERS

Copyright © 2019 Fidelity Direct Mortgage LLC

Fidelity Direct Mortgage LLC NMLS #188829
NMLS#: 188829  |  http://www.nmlsconsumeraccess.org
DE License 020884 | DC License MLB188829 | FL License MLD1397 | MD License 188829 | Licensed by NJ Dept. of Banking | PA License 52469 | VA License MC-3879 | WV Broker License MB-35882 | WV Lender License ML-35797 | Licensed by the Virginia State Corporation Commission | NC License L-189983 | SC License MLS - 188829