First Community Mortgage is committed to offering an assortment of loans to fit the needs of our clients.
Mortgage loans are defined as either conventional, or government-backed. Government-backed means the mortgage loan is guaranteed or insured by a government agency. Conventional Loans are the loan option of choice for about 60% of all mortgage applicants.
Conventional Loan Highlights:
- You can use a conventional loan to buy your primary or secondary residence.
- You can use a conventional loan to buy rental property; you don’t have to occupy the property.
- Down payment runs as low as 3% for first-time homebuyers; however, when you put down less than 20%, you will need to purchase private mortgage insurance (PMI).
- Gift funds can be used as a portion of the down payment.
If you have good credit and stable income, a Conventional Loan may be the ideal loan option for you. Contact the loan office closest to you for more information on Conventional Loans.