You can buy a home with an adjustable or fixed mortgage rate and a term of your choice with a conventional loan.
Depending on your borrower credentials, your down payment for this type of loan could be low.
What is a Conventional Mortgage?
Technically, a conventional home loan is any type of mortgage that is not backed by a government agency such as the FHA or VA.
But homebuyers talking about conventional mortgages typically are referring to one specific type called “conforming loans.”
For a conventional loan to be a conforming loan, it needs to fit within the Fannie Mae and Freddie Mac conforming loan limits.
If a mortgage is larger than those limits, it is a non-conforming loan. Another name for a non-conforming mortgage is a jumbo loan.
What are the Conforming Loan
Limits in Fulton County?
To find out whether you need a conforming or non-conforming mortgage, you need to consult the conforming loan limits.
Below are the conforming loan limits that apply in Fulton County.
If you are borrowing within those amounts, you do not need a jumbo loan. You can purchase a home with a conventional conforming loan.
Note that in some higher cost counties throughout the country, the conventional conforming loan limits are higher as well.
Are you not sure whether you are buying a home in a county with higher conforming loan limits? We can help you find out during your consult.
Conventional Loan Qualifications
Buckhead Home Loans considers the following when assessing your application for a conforming mortgage:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your ability to make a down payment
- The status and history of your employment
These factors impact both your overall qualification and the interest rates and down payment amounts you are eligible for.
Apply Now for a Conventional Mortgage
Are you ready to buy a home with a conforming mortgage? Please give Buckhead Home Loans a call at (404) 303-7411 to schedule your consultation.