Real Conventional Loan
Definition of ‘Conventional Mortgage’ as from Investopedia.com
“A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac… “
Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are the largest purchasers of home mortgages today through mortgage backed securities. Both Fannie Mae and Freddie Mac are government sponsored enterprises or GSEs. Today, if you are trying to be approved for a conventional loan, you must meet at minimum Fannie Mae’s or Freddie Mac’s set loan guidelines or funding criteria. Unfortunately, there are other more stringent guidelines being placed on conventional loans by almost every lender providing conventional mortgage loans.
Have you ever been told that your FICO score was not high enough for a conventional loan or that you must have 20% down for a conventional loan? A minimum FICO score or 20% minimum down for a conventional loan are stricter guidelines placed on a mortgage loan by the lender or bank and are not guidelines set by Fannie Mae or Freddie Mac. What if you could have a conventional loan underwritten to Fannie Mae or Freddie Mac’s guidelines with no minimum FICO score requirement with a down payment requirement as low as 5%? This is what you may have when your loan is underwritten to GSE standards with no overlays. This is what you may have with a REAL Conventional LoanSM.
Bill Burress can originate loans in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming