The most common type of prime loan you can use to purchase a property is called a conventional loan. Conventional loans conform to the maximum loan limits established by Fannie Mae and Freddie Mac. Unlike certain other types of loans such as FHA loans, they are not backed up by government funds.
Typically, the timeframe for paying off a conventional loan will range anywhere from 10-30 years. Down payments may be as low as 3% or as high as 20%. Fees and terms governing conventional loans depend on a number of different factors, including your credit score, borrower profile, the property you are purchasing, the down payment you provide, and the lender you select.
Conforming loan limits throughout the US have been raised for 2018. As of this year, the conventional loan limit for Miami-Dade county is $453,100. This is for single-unit properties, and is the same loan limit which applies to most counties across the country. If you need a larger loan, you may need to apply for a jumbo loan.
Borrowers who want to be approved for a conventional loan in Miami will need to meet the following requirements:
With so many factors impacting the interest rates, fees and terms of conventional loans, you want to make sure that you are getting an affordable loan which is going to meet your needs.
Lending Bankers Mortgage has established relationships with more than 130 lenders in the Miami area. This allows us to connect you with a diverse selection of conventional loans. That way you can choose the rates and terms which are right for you. If you are ready to get started, please give us a call at (786) 220-1100.
Lending Bankers Mortgage LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.