Conventional Loans

Conventional Loans

Arizona Wholesale Mortgage Inc. offers all types of Conventional loans. Whether you are purchasing a new home or refinancing an existing Conventional mortgage loan, we can help.

We work with a network of private lenders throughout the United States, as well as the larger banks. We scour rate sheets every morning to find our clients the lowest possible rate.

Conventional Loans Down Payment Percentages

We offer Conventional loans with as little as 3% down. However, if you have the money, then you should put more money so that your monthly mortgage insurance premium amount is lower. One will see a much lower monthly mortgage insurance premium if you put 5% down versus 3% and an even larger savings if you put 15% down. Monthly mortgage insurance is required on all Conventional loans where the down payment percentage is less than 20%.

Loan Qualifications

Obviously, the more money one puts down on a Conventional loan the less money you need for reserve requirements.  Reserve requirements vary depending upon whether your loan is going to be serviced by Fannie Mae or Freddie Mac.  Each loan product has different reserve requirements.  Since Conventional loan guidelines change frequently, it is best to call in for the latest updates.

Mortgage Pre-Qualification Letter
Do you need a mortgage pre-qualification letter? If you need to put an offer on a home, a qualification letter is absolutely necessary in today’s market. If you need a pre-qualification letter, please call us and let us help you secure that special new home.  To obtain a prequal, we have to verify your income, assets, and your credit.  If you have items on a credit report that need to be cleaned up, I suggest you work on it prior to obtaining a loan prequalification.  This way you will be able to obtain the lowest interest rates.  Remember your fico score determines your interest rate. The higher the fico score the better the interest rate.

 

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