Best Mortgage Loan that Fits You – Quick Mortgage

A conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either “conforming” or "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional. Whether you're buying a home or want or refinance your mortgage, a Conventional Loan might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, Conventional Mortgages can give you piece of mind with super low closing costs and flexible payment options.

Whatare the Conventional Loan Requirements? To decide if you qualify for a Conventional Mortgage Loan, we will look at:

·         Your income and your monthly expenses. Standard debt-to-income ratios are 28/36 for Conventional Loans. These ratios may be exceeded with compensation factors.

·         Your credit history (this is important, but Conventional's credit standards are flexible). A FICO score of 620 or above is very helpful in obtaining an approval.

·         Your overall pattern rather than to individual problems you may have had.

To be eligible for an Conventional mortgage, your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (28% ratio). Your credit background will be fairly considered. At least a 620 FICO credit score is generally required to obtain a Conventional approval. You must also have enough income to pay your housing costs plus all additional monthly debt (36% ratio). These percentages may be exceeded with compensating factors.

Quick Mortgage provides you with the best mortgage loan program. At QKMortgage, we have an experienced team of licensed agents who will take the time to find the right loan for you. We explain the benefits and risks of loans, and we help you choose the loan that makes the most sense for you. We will tell you how much you can borrow and what your monthly payment will be on the first call. We will tell you how long it takes to qualify for your loan and what documents we will need to process the paperwork. We will spend the time to lay out your options and explain why some loans make sense and others do not to you. We disclose all fees and costs up front, and we make sure that you will not end up paying excessive closing costs or find yourself signing loan documents that do not match your expectations.

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