A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. Keystone Funding Inc. in Media, Pennsylvania helps buyers secure a conventional loan when purchasing property.
A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.
Applying for a Conventional Loan
Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.
Typically, we will review the following items with you when applying for a conventional loan:
- Your Employment (Is your income and employment steady?)
- Down Payment (How much can you afford to put down?)
- Credit History (Is your credit good, do you have late payments?)
In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.
Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from Keystone Funding Inc. in Media, Pennsylvania!
Conventional Loan Terms
Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.
Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.
To see if you pre-qualify for a Conventional home loan, contact Kenneth D. Pitts today at 610-345-9100.
We were first time home buyers and it was very scary territory! The second I walked into Ken office Kim made me feel so comfortable! Ken was so great at explaining everything to use and him and Jackie were so thorough and professional! The whole team is so great I would recommend them to anyone!
Ken and his team we awesome to work with. You all made this process so easy. Thank you for all you did to make our dreams come true. I will recommend them to everyone I know.
Ken and his colleagues were very easy to work with to finance the purchase of our new house. Everyone was friendly and efficient and Ken was a great resource for questions about the process. He was able to get our pre-qualification letter out the same day we needed it. Once we were under contract, at his recommendation, we locked in our rate at a great time and there was no drama in the closing process. We were able to do all the paperwork online--no messing with fax machines or dropping physical papers off anywhere. We would definitely work with Ken again.
Ken and his team are a pleasure to work with! He was always happy to help and answer any questions we had and keeping in contact every step of the way.
We only had just over a month for have our loan ready. Ken assured us it would be ready. From start of the process to the closing, the process was seamless. Ken's team was efficient, knowledgable and helpful the enter time. They assisted us with everything that was needed and kept us informed the entire time. I would recommend Ken and his team to anyone needing a mortgage.
Ken and his team have been great throughout my house purchase. They are always available and help you understand every step of the process. I would highly recommend!
My husband and I just purchased a house, we are first time home buyers, and Ken was excellent to work with. He was very professional and timely in providing us with the information we needed to successfully secure our mortgage. There were no last minute surprises, everything went very smoothly. I would definitely recommend Ken.
Mr. Pitts and his team were swift to support my fiance and I during every step of our housing process. He was courteous and swift to get in touch with us whenever we had questions, and professional even during negotiation over interest rates. If you go to the table with Ken, he will make sure you have the necessary financial backing to complete your purchase, without awkward issues arising during closing.
Ken recently assisted us with the purchase of our first home. Ken and his team were extremely helpful and informative throughout the entire process. I can not think of one negative thing to be said and very grateful for the professionalism, knowledge and experience that Ken brought to the table. Ken and his team assured that all necessary steps were completed well before settlement and the morning of settlement went through without a hitch. Ken also personally attended settlement with us and answered any questions that we had. A truly great guy and professional!
Ken and his team did a great job for my family on a very tight closing deadline. They kept us on track throughout the process. I would recommend them 100%!