Mortgage loans are typically broken up into three categories: conventional loans, Federal Housing Administration loans and Veterans Administration loans. While we only offer conventional loans at We Florida Financial, the benefits also rival other government programs.
What is a conventional home loan?
Conventional home loans are not backed by any government agency such as an FHA or VA loans. A common misconception with conventional loans is that you must put at least 20 percent of the purchase price as a down payment. While you can certainly put down that amount on a loan, most consumers do not have the liquid cash to do so. We are able to finance home loans with as little as 3 percent down! Note: You may be required to pay private mortgage insurance, PMI, when making a down payment of less than 20 percent.
Does a conventional loan have a fixed rate?
We offer three types of conventional loans:
Each loan offers its own set of advantages and disadvantages. If you don’t have a lot of savings to put down and have never purchased a home before, consider our First Time Home Buyer or HomeReady© programs. Alternatively, if you’re a rate-sensitive shopper and prefer a competitive interest rate, a fixed or adjustable rate loan may be for you.
Or call us at 954-745-2400 or 800-230-0200 and select option 4.
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