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FIXED RATE CONVENTIONAL LOANS

15, 20, 30 YEAR FIXED LOAN
FIXED RATE CONVENTIONAL LOANS

15, 20, 30 YEAR FIXED LOAN

Key Takeaways 

  • Generally stricter qualification requirements than FHA loans

  • Require slightly higher down payment 

  • Rates can be lower and have lower closing costs

  • Primary Mortgage Insurance (PMI) is usually less and can be eliminated with 20% percent down payment. 

30 Year Fixed 

30 year fixed conventional loan has the same mortgage payments for 360 months.

  • Most popular loan term

20 Year Fixed 

20  year fixed conventional loan has the same mortgage payments for 240 months. 

  • Payments are slightly higher than a 30 year loan because the loan is being paid in 20 years instead of 30 years. 

15 Year Fixed 

15  year fixed conventional loan has the same mortgage payments for 180 months. 

  • Monthly payments are higher than a 20 or 30 year loan type. 

  • Interest rates on 15 year fixed rate loan is slightly lower than 20 or 30 year fixed rate loans

Key Takeaways 

  • 3 % minimum down payment required for purchase.

  • Minimum credit score - around 620 

  • Qualify post bankruptcy- after 4 years 

  • Qualify post foreclosure- after 7 years 

  • Qualify post short sale- after 2 years ( LTV restrictions may apply)