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Conventional Loans
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. AMEC - American Mortgage & Equity Consultants, Inc in Appleton, Wisconsin 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 home buyers 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 pre-approved for a conventional loan from AMEC - American Mortgage & Equity Consultants, Inc in Appleton, Fond du lac, and Green Bay.
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.
American Mortgage & Equity Consultants, Inc. (AMEC) • 911 N Lynndale Drive • Appleton, WI 54914 NMLS # 1158878: 3138 Market St., STE. B, Green Bay, WI 54304 NMLS #1296548: 757 S. Main St. Ste.10., Fond Du lac, WI 54935 NMLS #379084 Residential Home Loans • FHA | 203K | VA | HARP | USDA | WHEDA | Purchase | Refinance | Credit Restoration Conventional, FHA, 203K, VA, 100% USDA Rural Home Loans with Offices Serving communities through out Wisconsin. We provide purchase and refinance home loan services with great rates and terms to Green Bay| De Pere| Appleton| Neenah| Menasha | Oshkosh | Fond Du Lac | Sheboygan | Manitowoc | Milwaukee | Madison American Mortgage & Equity Consultants, Inc. Corporate NMLS ID 150953 - 7760 Francis Avenue South, Ste. 1010, Bloomington, MN. 55435 NMLS Consumer Access       State License/Disclosure
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