Conventional loans are the most frequent type of loan seen today when it comes to buying a house. A conventional loan is not backed by any government agency, so obtaining one is fairly simple. It is my goal to help you understand what type of loan is best for your specific situation, ensuring you avoid spending unnecessary time and money trying to qualify for your loan.
Conventional loans tend to work best when you have more than 10% equity or down payment to put towards your desired property. Before applying for any loan, it is important that you understand what must accompany your loan application; I will walk you through the process of applying and guide you down the right path towards obtaining your mortgage loan.
When it comes to conventional loans, your down payment may be based on the type of property that you are buying, such as a single-family home compared to a condo. Conventional loans are most effective if you can come to closing with 20% or more down payment, so as to avoid having to also purchase additional mortgage insurance. Generally, conventional loans are not restricted by any loan amount limitations. I strive to guide you through the process of applying for your loan in order to make it as simple, smooth, and straightforward as I can. I hold your best interest as my top priority when it comes to your conventional loan process.
If you think that a conventional loan may be the best option for you, call me today. Together we can discuss what is required when applying for the application and what you need to have.
Below is a list of general documents you may need:
- 2 years of tax returns
- 2 years of W-2 statements
- Business tax returns for 2 years if self-employed as well as year to date profit and loss schedule
- Paycheck stubs for recent months
- Checking, savings, and return statements for the most recent two cycles
- Driver’s licenses and social security card copies
- Other documents may be necessary depending on specific situations