New York Conventional Loans
New York Conventional mortgages are a great choice for many homeowners because they offer lower costs than some other popular loan types. If you have a high enough credit score and a large enough down payment, a conventional mortgage might be right for you.
There are two different types of conventional loans; conforming loan and high balance loan. Here at New Dwelling Mortgage, we help you identify which loan program works best for your needs.
New York Conventional Loan
What is a Conventional Mortgage?
A conventional mortgage is a home loan that isn't guaranteed or insured by the federal government. Conventional Mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac are called Conforming Loans.
Conventional mortgages can also be non-conforming, which means that they don’t meet Fannie Mae’s or Freddie Mac’s guidelines. One type of non-conforming conventional mortgage is a High Balance conventional loan, a mortgage that exceeds conforming loan limits. You'll need a credit score of at least 640 to qualify for a conventional loan, though a score that's above 740 will help you get the best rate. Depending on your debt to income ratios and the amount you're borrowing, you may be able to make a down payment that's as low as 3% (97% LTV) with a conventional loan. Although, be aware that a higher down payment may help get you a lower rate.
What do I need to start my Conventional Loan Process?
Addresses
Be prepared to provide 2-year residents history and proof of payment, if applicable.
Proof of Income
- Wage Earner: Be prepared to provide 2-years of employment history through W-2's and pay stubs.
- Self-Employed: Be prepared to provide 2 years of tax returns.
Debt-To-Income (DTI) Ratio
Your DTI should be within program guidelines. For more information, contact us!
Employment Verification
Employment will be verified before closing.
Proof of Assets
Discuss minimum downpayment requirements with your Mortgage Broker, accompanied by 2-months of bank statements.
Credit Pull
Your Mortgage Broker will ask for your social security number and permission to pull your credit reports.
What are the Benefits of Getting a Conventional Loan?
| | 97% Financing for Home Ready or Home Possible Program. |
| | 95% Financing on conforming and high balances. |
| | Gifts from family members are allowed. |
| | Closing cost can be financed with a Seller's Concession. |
| | Fixed and adjustable-rate options. |
Conventional Refinance
Conventional Refinance
What is a Conventional Refinance Loan?
A conventional refinance is simply a non-government backed loan used to refinance or replace an existing mortgage. Like conventional loans, a conventional refinance offers competitive rates, lower costs, and greater flexibility than other programs. Get A Quote Today!
What are the Benefits of Getting a Conventional Refinance?
| | Cancel FHA Or Private Mortgage Insurance. |
| | Lower Interest Rate. |
| | Borrow Money For Home Renovations. |
| | Remove Person From Mortgage. |
| | Consolidate Debts. |
| | Shorten Loan Term. |
Still have questions on the Conventional Loan Process?
If you still have questions on the Conventional Home Loan Process, please contact New Dwelling Mortgage at 1-844-317-3050, Monday through Friday from 9:00 am to 5:00 pm EST.