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Conventional Loans

 

 

 

 

 

 

Lower Rates with More Flexibility

A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA) and U.S. Department of Agriculture (USDA). Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.

Conventional Highlights:

If you have good credit and stable income, a conventional loan might be the right option for you since it offers:

  • Lower interest rates for borrowers with good credit
  • Flexible mortgage insurance options
  • Fewer penalties and fees
  • Flexible loan terms

Conventional Loan Programs:

Adjustable-Rate Mortgage:

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high

Fixed-Rate Mortgage:

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you have the option of selecting a 10, 15, 20, 25 or 30-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.

Jumbo Mortgage:

A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $424,100; however, the limit is $625,500 in higher cost areas. If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you.

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This is not a commitment to make a loan. Loan terms and conditions are effective as of the date you receive this material and may change without notice. All loans are subject to credit and property approval. Not all products are available in every State or for all loan amounts, programs or credit grades. Other restrictions and limitations apply. Some products and loans require a down payment. There are maximum loan amounts. Developer’s Mortgage Company is an approved HUD Mortgagee and is approved to originate VA loans. Developer’s Mortgage Company is an approved Fannie Mae Seller. Georgia Residential Mortgage Licensee. Illinois Residential Mortgage Licensee. In Illinois Developer's Mortgage Company originates loans under the assumed name "DMC Funding". Licensed by the N.J. Department of Banking and Insurance. In New York, Developer’s Mortgage Company originates loans under the fictitious name DMC Funding. Licensed Mortgage Banker-NYS Department of Financial Services Lic # LMB 110461. Licensed by the Pennsylvania Department of Banking and Securities. In West Virginia, Developer’s Mortgage Company originates loans under the assumed name DMC Funding Company. Developer’s Mortgage Company is licensed to conduct business in CO, CT, FL, GA, IL, IN, MD, MI, MN, NC, NJ, NY, OH, PA, SC, TN, TX and WV and may only take and solicit loan applications, and originate loans on properties, in those states. Developer's Mortgage Company is not approved to originate or solicit reverse mortgage loans in NC, NY or TN. *DMC Funding in lieu of true name Developer's Mortgage Company.

Developer's Mortgage Company is located at 2700 E Dublin Granville Road, Suite 460, Columbus, Ohio  43231

 Phone Number (614) 523-0301    NMLS ID# 225548      SM 2023    Developer’s Mortgage Company

Developer's Mortgage Company

Corporate Office:

2700 E Dublin Granville Road, Suite 460

Columbus, OH 43231

P: 844-236-8697

P: 614-523-0301

F: 614-665-6500

info@hladmc.com

 

NMLS CONSUMER ACCESS
NMLS Entity ID #225548
HUD Mortgagee #3836109998
VA #2555700000
Fannie Mae Seller

2023 All rights reserved.

This is not a commitment to make a loan. Loan terms and conditions are effective as of the date you receive this material and may change without notice. All loans are subject to credit and property approval. Not all products are available in every State or for all loan amounts, programs or credit grades. Other restrictions and limitations apply. Some products and loans require a down payment. There are maximum loan amounts. Developer’s Mortgage Company is an approved HUD Mortgagee and is approved to originate VA loans. Developer’s Mortgage Company is an approved Fannie Mae Seller. Georgia Residential Mortgage Licensee. Illinois Residential Mortgage Licensee. In Illinois Developer's Mortgage Company originates loans under the assumed name "DMC Funding". Licensed by the N.J. Department of Banking and Insurance. In New York, Developer’s Mortgage Company originates loans under the fictitious name DMC Funding. Licensed Mortgage Banker-NYS Department of Financial Services Lic # LMB 110461. Licensed by the Pennsylvania Department of Banking and Securities. In West Virginia, Developer’s Mortgage Company originates loans under the assumed name DMC Funding Company. Developer’s Mortgage Company is licensed to conduct business in CO, CT, FL, GA, IL, IN, MD, MI, MN, NC, NJ, NY, OH, PA, SC, TN, TX and WV and may only take and solicit loan applications, and originate loans on properties, in those states. Developer's Mortgage Company is not approved to originate or solicit reverse mortgage loans in NC, NY or TN. *DMC Funding in lieu of true name Developer's Mortgage Company.

Developer's Mortgage Company is located at 2700 E Dublin Granville Road, Suite 460, Columbus, Ohio  43231

 Phone Number (614) 523-0301    NMLS ID# 225548      SM 2023    Developer’s Mortgage Company