LOWER RATES, BETTER TECH, REAL PEOPLE
LOWER RATES ● BETTER TECH ● REAL PEOPLE
Conventional Loans
Same-Day Service
Available Evenings and Weekends
(512) 738-2039
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or Department of Agriculture loan programs (USDA)). Conforming loans have maximum loan amounts ($766,550 in 2024 for Texas) that are set by the government. Other rules for conforming loans are set by Fannie Mae or Freddie Mac, companies that provide backing for conforming loans.
While 20 percent down is the standard, many fixed-rate conventional loans for a primary residence allow for a down payment as small as 3 percent or 5 percent. Private mortgage insurance (PMI): If you put down less than 20 percent, you'll have to pay PMI, an additional fee added to your payments
Benefits of a Conventional Loan
- Faster underwriting
- Fewer documents
- Optional Escrow account (with 20% down payment)
- Mortgage insurance not required if 80% loan to value (LTV) or less
- Cancel existing mortgage insurance at 80% LTV (based on original appraised value or sales price)
- Can be used on all property residential types
SERVING
Texas
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Consumers wishing to file a complaint against a banker or a residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department's website at www.sml,texas,gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department's website at www.sml.texas.gov.
Business Hours
Call us. Available evenings and weekends
Canopy, NMLS License #1359687
John Dunn, NMLS License #273975
Branch Manager
Residential Mortgage Loan Originator
www.nmlsconsumeraccess.org
All loans subject to credit and property approval
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