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Houston Conventional Mortgage Loans
Conventional mortgages are the most common types of home loans in Houston and are insured by either Fannie Mae or Freddie Mac. Conventional mortgages can be both fixed mortgages or adjustable rate mortgages.
Conventional loans with less than 20% down require private mortgage insurance (commonly referred to as PMI). Since conventional loans are not insured by the federal government, there is no guarantee for the lender should the borrower default. This presents a higher risk for lenders and generally have more restrictive guidelines than government backed mortgages like FHA mortgages, USDA mortgages or VA mortgages.
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More about Houston Conventional Home Loans
The qualifying requirements for government-backed loans and conventional mortgages don’t differe much. However, it is still important to understand that conventional mortgages in Houston have more than enough advantages to compensate for their more restrictive qualifying conditions. First of all, conventional mortgage loans can be used for a much wider range of purchases. A conventional home loan can be used on investment properties as well as a primary home. Investment properties are not allowed with VA and FHA mortgages. Understanding the intricacies of your Houston mortgage options requires an experienced professional. We are here to help.
NMLS # 262563
RMLO – Dru Brents NMLS #234930
Monday – Saturday
9:00am – 5:00pm
Saturday by Appointment