CONVENTIONAL loans

Why a Conventional Loan?

 - Nearly 70% of a mortgages are Conventional Loans.

 - A borrower can get a loan up to $806,500 for the purchase of their single-family residence. 

 - Conventional Loans are also used for the purchase a second home or an investment property

 - And at First State Bank Mortgage, we use automated underwriting to give you the most flexibility for loan approval!

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What are the benefits of a Conventional Loan?

 - Contrary to popular beliefs, you do not need to put 20% down to purchase a home.

 - Down payments can be as little as 5% down.

 - First-time homebuyers can also put down as little as 3%, but restrictions apply. 

 - Gift's can be accepted for a down payment, however we need to document the paper trail of that gift. [PS, don’t move any money yet].   

    However, there are some specific documentation when getting a gift, so let's talk.

 - And if a homebuyer puts down less than 20%, there will be a Private Mortgage Insurance. (PMI) And in today’s world, PMI is now risk based, so the insurance is now much less.

 - Where can I help you is with the decision to find the best best option for you at this point in your home purchase decisions.  Did you know that my bank and offers at least five different options for PMI, and we can show you significant savings in your payment and over the total cost of your loan!