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Loan Types

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Conventional Loan

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.