At Woodcrest Mortgage, we specialize in helping homebuyers and homeowners secure Conventional Loans, one of the most popular and flexible mortgage options available. Whether you’re a first-time homebuyer, looking to purchase a second home, or considering a conventional loan refinance, our team is here to guide you every step of the way.
When taking out a loan, you’ll need to gather a variety of documents beforehand. These documents are needed to ensure the lender that the buyer can repay the mortgage. This helpful list will give you an idea of what you may be asked to provide:
Conventional mortgages allow down payments as low as 3% for qualified buyers, making homeownership more accessible.
Choose from fixed-rate conventional loans (such as 15-year or 30-year terms) or adjustable-rate mortgages (ARMs) to suit your financial goals.
Conventional loan rates are often lower for borrowers with strong credit, reducing long-term mortgage costs.
Conventional loan limits are higher than FHA loan limits, allowing you to finance higher-priced homes in many areas.
If you put 20% or more down, you can avoid Private Mortgage Insurance (PMI), reducing your monthly payments.
Unlike FHA loans, conventional loans do not require upfront mortgage insurance premiums (UFMIP), saving you money at closing.
To be eligible for a conventional home loan, borrowers typically need:
A Credit Score of 620 or Higher – While some lenders may accept lower scores, a higher credit score secures better conventional mortgage rates.
A Stable Income and Employment History – Lenders will review your debt-to-income (DTI) ratio to ensure you can afford your mortgage payments.
A Down Payment of at Least 3% – First-time homebuyers may qualify for low down payment conventional loans with as little as 3% down.
A Debt-to-Income (DTI) Ratio Below 50% – Keeping your DTI ratio under 43-50% improves your chances of approval.
Sufficient Cash Reserves – Some lenders may require a few months of mortgage payments in reserves.
When you choose Woodcrest Mortgage, you benefit from:
Our team has extensive experience helping borrowers navigate the conventional mortgage process.
We offer some of the best conventional loan rates, ensuring you save money over time.
We tailor your conventional mortgage to fit your financial situation and homeownership goals.
Our streamlined process helps you get pre-qualified quickly so you can start shopping for your dream home.
Our mortgage specialists are available to answer all your questions and guide you from application to closing.
We provide clear, upfront information about all costs, ensuring you understand your mortgage without hidden fees or unexpected charges.
Get quick answers to the most common questions homebuyers ask. Our FAQ section is designed to help you understand the mortgage process, explore your options, and feel confident every step of the way.
Most lenders require a minimum credit score of 620, but a higher score can help you secure lower conventional loan rates.
Down payments start at 3% for first-time homebuyers and 5–20% for repeat buyers.
If you put less than 20% down, you will need Private Mortgage Insurance (PMI). However, you can cancel PMI once you reach 20% equity.
Yes! Conventional loans are ideal for investment properties and second homes.
