Conventional Loan

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. Dolan Mortgage Team in Bellevue, Washington 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 homebuyers and those purchasing investment property.

Pre-qualify for a Conventional Loan today!

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 preapproved for a conventional loan from Dolan Mortgage Team in Bellevue, Washington!

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.

 

To see if you pre-qualify for a Conventional home loan, contact Paul Dolan today at 425-214-1266.

9 Lake Bellevue Drive Suite 118
Bellevue, Washington 98005
Phone: 425-214-1266

Branch Licenses

NMLS #1428470, WA (MLO-106205), CA (CA-DOC106205), OR, ID, WIPaul Dolan - NMLS# 106205; Michelle Erickson - NMLS# 414118; Angelina Barrientes - NMLS# 1419869
LeaderOne Financial Corporation Licenses
NMLS # 12007
WASHINGTON - LeaderOne Financial Corporation. Licensed by the Washington Department of Financial Institutions, License # CL-12007. OREGON - Licensed under the Oregon Consumer Finance Act, License # ML-5075. CALIFORNIA- Licensed by theDepartment ofBusiness Oversight under the California Residential Mortgage Lending Act. License# 4131276. Corporate Headquarters: 11020 King Street, Suite 390; Overland Park, KS 66210, NMLS ID #12007 http://www.nmlsconsumeraccess.org.  Toll Free (800) 270-3416.  This advertisement does not constitute a loan approval or a loan commitment. Loan approval and/or loan commitment is subject to final underwriting review and approval.