Conventional Loans Houston, Texas

Conventional Loans:

Conventional loans are mortgage loans offered by non-government sponsored lenders. These loan types include:

  • Fixed Rate Loans
  • Adjustable Rate Loans (ARMs)
  • Combination (Hybrid) Loans
  • Balloon Mortgages and Pledge Asset Loans
  • Jumbo / Construction Loans
  • Reverse Mortgage

 

Conventional loans may be conforming and non conforming and have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans. The main advantage of a conventional loan is that the borrower can avoid paying the upfront mortgage insurance and possibly the monthly mortgage insurance of an FHA loan.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.  A conventional loan is any mortgage which is not guaranteed or insured by the federal government. Conventional loans were the first traditional mortgage loans made by local lenders.

Texas Premier Mortgage will help educate you on the specific loans you qualify for and if a conventional loan is right for you.  Conventional products include Texas Purchase, Texas Refinance, and Texas Home Equity products.  The loan limit for conventional loans is $424,100.  Loans higher than this loan amount will qualify under our Jumbo product guidelines. Texas Premier Mortgage is a qualified Conventional Loan Lender servicing clients in The Woodlands, Spring, Conroe, and does business in surrounding areas such as Houston, as well as the entire state of Texas.

Refinance options include some of the following ratios under a conventional product.

Up to 97% LTV with a 700 Fico
Up to 95% LTV with a 660 Fico
Up to 80% LTV with a 620 Fico

Call us today to review your loan profile.  Texas Premier Mortgage does not guarantee approval based on these ratios.  Your credit profile, income, work history, and collateral will be taken into consideration for loan approval and evaluated by a Texas Licensed Loan Officer.