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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).

Benefits of Conventional Loans:

  • Low down payments
  • Can be used to finance loans of higher amounts
  • Gift funds can be used as a portion of the down payment
  • It is easy to qualify for such loans

Conventional Loans Are an Ideal Loan Option for Borrowers Who Have:

  • Good credit rating
  • Stable income

People who are considering purchasing a second home or a rental home can opt for Conventional Loans. You can also get your loans refinanced with us.

First Community Mortgage extends Conventional Loans to people all across Texas. We have offices in Copperas Cove, Temple, Killeen, Harker Heights, Corpus Christi, and El Paso. Services are also rendered to people in Tempe, Arizona.

Contact the loan office closest to you for more information on Conventional Loans.