CONVENTIONAL
PURCHASE LOANS
CONVENTIONAL
PURCHASE LOANS
Exploring Conventional Purchase Loans
Tennessee presents numerous opportunities for individuals seeking a change from urban living, and for those interested in purchasing a home, a conventional purchase loan offers a versatile solution.
CONVENTIONAL LOANS
Unlike government-backed loans, conventional purchase loans do not have location-specific requirements, offering buyers the freedom to choose properties based on their preferences rather than eligibility criteria. This flexibility allows individuals to explore a diverse range of homes, from urban neighborhoods to rural communities, without constraints.
What is a Conventional Purchase Loan?
Conventional purchase loans provide opportunities for families and individuals to buy homes across various areas, including rural regions, without specific government-backed financing. These loans are tailored to promote homeownership and development, offering flexible terms and competitive rates to buyers in Tennessee.
How do I qualify?
To qualify for a conventional purchase loan, applicants must meet lender-established eligibility criteria. This typically includes demonstrating stable income and employment history, maintaining a favorable credit score, and managing a reasonable debt-to-income ratio. These criteria ensure that borrowers can afford their mortgage payments and meet their financial obligations.
Conventional purchase loans empower buyers to navigate the homebuying process with confidence, providing access to financing options that suit their needs and preferences. With competitive rates and flexible terms, these loans enable individuals and families to achieve their homeownership goals without the restrictions associated with certain government-backed loans.
In summary, conventional purchase loans offer a versatile and accessible financing option for homebuyers in Tennessee. With favorable terms and broad eligibility criteria, these loans empower buyers to make informed decisions and secure their dream homes, regardless of the location or property type.
Exploring Conventional Purchase Loans
Tennessee presents numerous opportunities for individuals seeking a change from urban living, and for those interested in purchasing a home, a conventional purchase loan offers a versatile solution.
CONVENTIONAL LOANS
Unlike government-backed loans, conventional purchase loans do not have location-specific requirements, offering buyers the freedom to choose properties based on their preferences rather than eligibility criteria. This flexibility allows individuals to explore a diverse range of homes, from urban neighborhoods to rural communities, without constraints.
What is a Conventional Purchase Loan
?
Conventional purchase loans provide opportunities for families and individuals to buy homes across various areas, including rural regions, without specific government-backed financing. These loans are tailored to promote homeownership and development, offering flexible terms and competitive rates to buyers in Tennessee.
How do I qualify?
To qualify for a conventional purchase loan, applicants must meet lender-established eligibility criteria. This typically includes demonstrating stable income and employment history, maintaining a favorable credit score, and managing a reasonable debt-to-income ratio. These criteria ensure that borrowers can afford their mortgage payments and meet their financial obligations.
Conventional purchase loans empower buyers to navigate the homebuying process with confidence, providing access to financing options that suit their needs and preferences. With competitive rates and flexible terms, these loans enable individuals and families to achieve their homeownership goals without the restrictions associated with certain government-backed loans.
In summary, conventional purchase loans offer a versatile and accessible financing option for homebuyers in Tennessee. With favorable terms and broad eligibility criteria, these loans empower buyers to make informed decisions and secure their dream homes, regardless of the location or property type.
Our Relentless Commitment Is To Provide You With
The Best Possible Services
Conventional Purchase Loans
and How They Work
Conventional purchase loans are distinct from Rural Development loans, also known as Section 502 loans.
The government created conventional loans to facilitate homeownership for various income levels and in both rural and urban areas
If you desire to reside in a rural area and meet the income requirements, a conventional loan may still be a suitable option for you.
Conventional mortgage loans often feature competitive interest rates and may require a down payment, although the amount can vary based on factors like credit history and loan program.
While conventional loans typically offer flexibility in terms of down payment and rate options, some borrowers may opt for fixed-rate loans for stability.
Adjustable Rate Mortgages (ARMs) are available through conventional loan programs, offering potential advantages for certain borrowers.
Private mortgage insurance may be necessary for conventional loans, particularly for borrowers with smaller down payments.
How to Qualify for a
Conventional Purchase Loan
To qualify for a conventional purchase loan, you must be a United States citizen or permanent resident.
Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.
If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.
Conventional loans are available to assist individuals in purchasing homes based on their financial qualifications.
Those without safe and sanitary housing are still eligible for conventional mortgage loans.
While you may not be restricted to rural areas, certain suburban areas may offer favorable terms for conventional loans. You may find opportunities to purchase homes just outside city limits.
Our Relentless Commitment Is To Provide You With
The Best Possible Services
Conventional Purchase Loans
and How They Work
Conventional purchase loans are distinct from Rural Development loans, also known as Section 502 loans.
The government created conventional loans to facilitate homeownership for various income levels and in both rural and urban areas
If you desire to reside in a rural area and meet the income requirements, a conventional loan may still be a suitable option for you.
Conventional mortgage loans often feature competitive interest rates and may require a down payment, although the amount can vary based on factors like credit history and loan program.
While conventional loans typically offer flexibility in terms of down payment and rate options, some borrowers may opt for fixed-rate loans for stability.
Adjustable Rate Mortgages (ARMs) are available through conventional loan programs, offering potential advantages for certain borrowers.
Private mortgage insurance may be necessary for conventional loans, particularly for borrowers with smaller down payments.
How to Qualify for a
Conventional Purchase Loan
To qualify for a conventional purchase loan, you must be a United States citizen or permanent resident.
Your monthly payment must not exceed 29% of your monthly income. You must be able to verify steady income over the past 24 months, and you cannot have had any debt sent to collections within the past year.
If you want to be approved quickly and receive the most attention from lenders, it’s best to apply after you raise your credit score to at least 640.
Conventional loans are available to assist individuals in purchasing homes based on their financial qualifications.
Those without safe and sanitary housing are still eligible for conventional mortgage loans.
While you may not be restricted to rural areas, certain suburban areas may offer favorable terms for conventional loans. You may find opportunities to purchase homes just outside city limits.
Comparing Conventional Mortgages to Other Loan Options
Conventional mortgages typically offer competitive interest rates. They are a popular choice for borrowers who may not qualify for government-backed loans or prefer not to use them.
With conventional loans, a down payment is usually required, although the amount can vary depending on factors such as creditworthiness and loan program.
Interest rates for conventional loans are determined by various factors, including credit score and financial stability. Generally, a higher credit score and a larger down payment can lead to a lower interest rate.
To secure the best rate on a conventional loan, it's important to demonstrate a strong financial profile to your lender, highlighting your ability to manage debt and repay the loan.
Comparing Conventional Mortgages to Other Loan Options
Conventional mortgages typically offer competitive interest rates. They are a popular choice for borrowers who may not qualify for government-backed loans or prefer not to use them.
With conventional loans, a down payment is usually required, although the amount can vary depending on factors such as creditworthiness and loan program.
Interest rates for conventional loans are determined by various factors, including credit score and financial stability. Generally, a higher credit score and a larger down payment can lead to a lower interest rate.
To secure the best rate on a conventional loan, it's important to demonstrate a strong financial profile to your lender, highlighting your ability to manage debt and repay the loan.
OUR TEAM
Justin Harvey
Branch Manager
Senior Mortgage Advisor
Cell: 423-276-6336
Office: 423-419-3420
Jamie Taylor
Office Manager
Loan Officer Assistant
Office: 423-419-3415
OUR TEAM
Justin Harvey
Branch Manager
Senior Mortgage Advisor
Cell: 423-276-6336
Office: 423-419-3420
Jamie taylor
Office Manager
Loan Officer Assistant
Office: 423-419-3415
Office:
Justin Harvey, NMLS #2065345
GVC Mortgage, NMLS #2334
806 E Jackson Blvd Ste 2 Jonesborough, TN 37659
Call: 423-276-6336
Email: [email protected]
© GVC Mortgage. All rights reserved. NMLS# 2334
(www.nmlsconsumeraccess.org)
806 E Jackson Blvd Ste. 2 Jonesborough, TN 37659. This is not a commitment to lend. Borrowers must qualify. Program guidelines are subject to change without notice. Loans not available in all states. GVC Mortgage is not acting on behalf of HUD, FHA, or any other federal or state government agencies. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Call 269.806.3845 for details.
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Office:
Justin Harvey, NMLS #2065345
GVC Mortgage, NMLS #2334
806 E Jackson Blvd Ste 2 Jonesborough, TN 37659
Call: 423-276-6336
Email: [email protected]
© GVC Mortgage. All rights reserved. NMLS# 2334 (www.nmlsconsumeraccess.org). 806 E Jackson Blvd Ste. 2 Jonesborough, TN 37659. This is not a commitment to lend. Borrowers must qualify. Program guidelines are subject to change without notice. Loans not available in all states. GVC Mortgage is not acting on behalf of HUD, FHA, or any other federal or state government agencies. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Call 269.806.3845 for details.