801-903-6319
sbates@megastarfinancial.com
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Stewart Bates

NMLS ID 1821958

801-903-6319 sbates@megastarfinancial.com

Conventional Loans

Conventional Loans

If you are a home buyer looking to purchase a home or an existing homeowner looking refinance your existing home in Utah, a conventional loan is a great option.  Along with great down payment options, conventional loans offer other advantages when buying a home.  In addition, if you have equity in your current home you can get cash out of a refinance loan for home improvements or debt consolidation.  We are a leading provider of conventional loans in Murray, South Jordan, and Draper as well as the entire state of Utah.  For more information on Megastar’s conventional loans and how to qualify call or email us today at 801-903-2251 or  sbates@megastarfinancial.com

What Are Conventional Loans?

Conventional loans are mortgage loans offered by non-government lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable interest rate.

Advantages of Conventional Loans

With a larger down payment you can avoid or eventually remove any mortgage insurance from your monthly payment.  Conventional loans have many options on how or if you will pay private mortgage insurance (PMI). While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options

How to Qualify For Conventional Loans

The qualification guidelines for a conventional loan are set up by FNMA and FHLMC.  The Guidelines include verification of and acceptable credit, income, and down payment funds from the applicant.  Megastar professionals are trained to help walk you through the application process and help you to see if you qualify as well as educate as a current or prospective home owner.  Contact a Megastar Professional

Mortgage Insurance (PMI)

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.

Conventional Loan Limits

Maximum Loan Amount for 2020

Units

Contiguous States, District of Columbia, and Puerto Rico

             Alaska, Guam, Hawaii, and the U.S. Virgin Islands

1

$510,400

             $765,600

2

$635,550

             $980,325

3

$789,950

             $1,184,925

4

$981,700

             $1,472,550

Maximum Loan Amount for High-Cost Areas for 2020

+A number of states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virgin Islands do not have any high-cost areas in 2019.

Units

Contiguous States, District of Columbia+

Alaska, Guam, Hawaii, and the U.S. Virgin Islands

1

$765,600

Not Applicable

2

$980,325

Not Applicable

3

$1,184,925

Not Applicable

4

$1,472,550

Not Applicable

 

Qualify For A Conventional Loan Today

If you are buying your home or looking to refinance your current home loan in the state of Utah we can help.  We are committed to helping our clients realize the dream of buying a home.  For more information on Conventional loans or how to qualify contact us today 801-903-2251.

 

Apply Now