Mortgage | Conventional Loans

Jeff Heggie – Arizona Mortgage Loan Officer NMLS#2247399

Some of you may know, but in addition to my business, success, and peak performance coaching, I have recently joined Geneva Financial Home Loans, a mortgage lender headquartered in Chandler, Arizona as a Mortgage Loan Originator. I’ve always had a passion for serving others and now I’m proud to be a part of Home Loans Powered by Humans. If you are in the state of Arizona and looking to take the next step in your journey, contact me at 801-830-3858 to start the conversation.

NMLS#42056 BK#0910215 Equal Opportunity Lender.

In addition to my other articles on this site, at times I will share valuable information regarding the mortgage and/or real estate industry.

At Geneva Financial we offer Conventional, FHA, VA, USDA, Refinance, Reverse, Jumbo and Condo Financing as well as Down Payment Assistance Programs, First-Time Homebuyer Programs, Physician Loans and Hero Loans for First Responders, Police, Firefighters, Nurses, and Teachers.

The Arizona real estate market is exciting right now. So whether you are moving to Arizona and you’re looking to buy a new home, or you already live here and you’re looking to buy, or refinance, there are many opportunities.

Conventional Loans

Today I want to share some information for those who are looking for more information on Conventional Mortgage Loans.

What is a Conventional Loan?

A Conventional loan is a loan that is not backed by a federal agency, but instead backed by private lenders such as Fannie Mae or Freddie Mac. Typically, conventional loans may require more from the borrower than an FHA LOAN.

What are the requirements for a Conventional Loan?

• Primary residence or investment
• 3% Down (first-time homebuyer only)
• Minimum 620 credit score
• NO Mortgage Insurance if more than 20% down
• Down payment can be a gift
• Seller allowed to contribute towards closing costs

What types of conventional loans are there?

Conforming

A conforming loan is a loan that adheres to the loan limits set by Fannie and Freddie.

Conventional (Conforming)

• $647,200, IN MOST COUNTIES as of 2022
• Most common loan type.
• Loan amount must be $647,200, or less in most counties
• If your down payment is less than 20%, you’ll typically need mortgage insurance.
• Credit score of 620

Non-Conforming

A non-conforming loan is a loan that falls outside of the conforming loan limits.

Jumbo (Non-Conforming)

• UP TO $1-2 MILLION
• Credit Score of 640
• Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million

(Non-Conforming)

• UP TO $1-2 MILLION
• Credit Score of 640+
• Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million

Who is eligible for a conventional loan?

Anyone who meets the necessary criteria for a conventional loan

For more information and details contact Jeff at jheggie@genevafi.com or (801)830-3858 or visit https://www.genevafi.com/jeff-heggie/

Visit https://www.genevafi.com/jeff-heggie/

---