Millennium Mortgage Group, LLC  NMLS # 1786240
Ken Sarna MLD # 4866                                                              

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Conventional Loans

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income.

Most Common Types of Conventional Loans:

Fixed Rate Mortgages: Your rate and payment never change and most people choose one of the following term options.

30 Year Fixed Loan - Benefits: Lowest fixed monthly payments

15 Year Fixed Loan - Benefits: Lower rate than the 15 or 20 Year Fixed; Pay less interest and pay your home off more quickly.

Some of the benefits of the Conventional Mortgage Loan Program are:
  • You can avoid costly PMI and MI altogether through this program
  • You can put as little as 5% down for an owner occupied property
  • You can get rid of the monthly MI portion of your loan once you reach the required equity position
  • You can get a conventional loan for all occupancies (Owner Occupied, secondary /vacation homes and investment properties)
Some of the negatives of the Conventional Mortgage Loan Program are:
  • You need to put more money down
  • Interest rates are a little higher than FHA or VA loans
  • Qualifying criteria is a little tougher to meet as it pertains to credit, employment history and debt to income ratio
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