Conventional Loans

At First Fidelity Funding and Mortgage Corporation one of our most popular home loan programs is our conventional loan. However unlike other government backed loan programs, conventional loans are not guaranteed or insured, which can make qualifying for a conventional loan more difficult. However we have great lending sources in Atlanta, Sandy Springs, Roswell, Alpharetta, and Marietta that can offer some of the most competitive rates and make the qualification process simpler.
 
Conventional loans tend to have higher down payments, especially compared to government sponsored loans, typically around 20%. Although there is a higher down payment, you are eligible for lower mortgage interest rates which will save you thousands of dollars over the life of your loan.
 
Conventional loans have much stricter financial requirements including a very good credit report and a credit history that proves your ability to handle debt and make scheduled payments as opposed to other loan types that are more lenient but have higher interest rates and fees associated with them.
 
When applying for a conventional loan you have two basic types, one being a fixed rate mortgage, and the other being an adjustable rate mortgage. Fixed rate conventional loans are just that, loans where your interest rate stays the same over the entire life of your loan. An adjustable rate conventional loan however, allows you to start off with a lower rate with the potential for it to change or rise through out the life of the loan.
 
A Conventional loan is a great option for those with a good financial history and who have the funds for the traditional 20% down payment. Find out if a conventional loan is best for you by using our online
Purchase Assistant Tool.
 


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