Helping You Purchase Your Dream Home

Learn More About Conventional

Conventional loans offer some of the best interest rates and loan terms. That means you can count on a lower monthly payment than with other mortgage loan options. Conventional loans aren’t part of a government backed program such as an FHA, USDA, or VA loan. Contrary to popular belief, you do not need a 20% down payment to get a conventional loan from most lenders. There are first time homebuyer programs that offer as little as 3% down and other options requiring only 5% down.

A Loan Designed to Help Homebuyers

What Are The Conventional Loan Benefits?

The government doesn’t need to approve you for a conventional loan, so the process is more streamlined.

Conventional loans are great loan option for those with modern to high income and those who have saved up for a down payment.

1. Faster Loan Process

The conventional loan process is more streamlined because the government doesn’t need to approve it. As a result, the process tends to move quickly, which means you get to move into your dream home sooner.

2. Eliminate Private Mortgage Insurance

Depending on the size of your down payment, you can eliminate or reduce the PMI you pay monthly. A 20% down payment eliminates the fee and the fee reduces based on the down payment amount.

3. Term Flexibility

Conventional loans have more flexible repayment terms, which can be anywhere from 8 and 30 years.

4. Lower Interest Rates

A great credit score, stable income, and other criteria, could qualify you for a lower interest rate. In turn, your monthly payments would be reduced.

With a conventional home loan, you can eliminate PMI by putting 20% down on the home.

Your Journey Home

How to Apply for a Conventional Home Loan

The mortgage loan process for a conventional loan doesn’t need to be intimidating. From the paperwork to scheduling an appraisal, it can be tricky to know exactly where to start. That’s where GVC Mortgage comes in. Our goal is to streamline the process for you and offer the right support to get you into your dream home. It doesn’t matter if this is your first home or your fifth home, we’re here to help you start and complete the process.

The conventional loan process starts by getting pre-qualified for your future mortgage.

Step One: Get Pre-Qualified

We offer an easy-to-use online application process. Complete the process securely online in a matter of minutes. Once you’re pre-qualified, you’ll have a better understanding of your potential loan.

Talking to a mortgage consultant about your conventional home loan will help you understand the benefits of the program.

Step Two: Talk to A Mortgage Consultant

A mortgage consultant from GVC will reach out to you after you fill out the application. They’ll discuss your goals and work with you to determine the best loan option for your situation.

Underwriting a conventional mortgage is done to very of all your information.

Step Three: Underwriting

Once we know what type of loan you need, it’s time to submit your documents. Underwriters will verify that all the information is accurate and complete.

You get the keys to your new home as soon as you've finalized the conventional mortgage loan paperwork.

Step Four: Close On Your Loan

Your mortgage consultant will be in constant communication with you and let you know when your loan is approved. After that, it’s time to schedule your closing and sign all the paperwork.

Conventional Loan Quick Contact Form

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Frequently Asked Questions

Throughout the conventional home loan process, you might have tons of questions. Part of our job as your mortgage consultant is to answer those questions and we’re going to start right now.

How much do I need for a conventional loan down payment?


If you are a qualifying, first time homebuyer, then your down payment could be as low as 3%. Other homebuyers could have a down payment as low as 5%.

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What are the credit score qualifications for a conventional loan?


For conventional loans, the minimum credit score qualifications can vary, but typically the minimum is 620.

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What are the conventional loan limits?


Several factors play into the conventional loan limits. Mostly, it is determined by the terms of the loan and the location of the house. There are certain areas of higher cost that have a higher term limit. To learn more about the limits in your area, contact a mortgage consultant.

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Do I have to pay mortgage insurance with a conventional loan?


If you’re a first time homebuyer taking advantage of the 3% down payment option, you will be required to pay mortgage insurance. In fact, a down payment less than 20% will require you to pay mortgage insurance. When you put 20% or more down on your home, you can eliminate PMI.

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Does the home need to be inspected before I can receive a conventional loan?


You should never purchase a home without having it inspected before. An inspection allows you, the homebuyer, to have a better understanding of the condition of the home.

Aside from an inspection, the home will need to be appraised by an approved appraiser.

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What are closing costs and do I have to pay them with a conventional loan?


Closing costs are any expenses that you might have to pay over and above the price of the property. These costs can, but don’t have to include: origination fees, discount points, appraisal fees, title searches, surveys, and taxes

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Are you ready to purchase your dream home?

At GVC Mortgage, we’ve streamlined our process to make it as simple as possible for you to purchase your dream home. Our mortgage consultants are ready to help guide you through the process.

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