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Couple learning about conventional home loans
Are you considering a conventional home loan? Or looking to be informed about them?

If so, you’ve come to the right place.

In this Q&A I’ll go over what conventional home loans are, the various types, and a way to see if you qualify.

So, what are conventional home loans?

A conventional home loan also known as a conventional mortgage refers to a loan that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA) the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA).

In layman’s terms, mortgages that aren’t guaranteed or not insured by these agencies are called conventional home loans.

Are there more than one type of conventional home loans?

Yes!

There are few types of conventional home loans, conforming, non-conforming, jumbo loans, portfolio loans and sub-prime loans.

A conforming loan is a mortgage loan that conforms to the guidelines set by the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

These enterprises acquire mortgages from lenders and sell them to investors to help make mortgages readily obtainable.

On the flip side mortgage loans that don’t adhere to these GSEs are non-conforming, also known as “non-prime.”

Jumbo loans are non-conforming conventional loans that are larger than loan limits set by GSEs and are also known as jumbo mortgages.

And portfolio loans are loans held by mortgage lenders on their own books meaning they can set their own guidelines for these loans.

It’s important to be aware that portfolio loans can often have benefits others don’t by allowing borrowers to use things like stocks and bonds as collateral.

And last but not least, sub-prime loans.

Sub-prime loans are conventional loans designed for people that typically have low or bad credit.

These loans are regulated by special laws by the government even though they are not backed due to higher interest rates and fees.

Now that I know what a Conventional loan is how do I know if I qualify?

Qualifications can vary by lender and conventional loan type. Although if your FICO score is 580 or above you can apply today for a personal loan offer up to $25,000 toward your home.

To apply online today for an instant decision just click here now to check your offer.





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†We offer personal loans starting at $1,000 with a maximum up to $25,000, depending on your state of residence. Loans between $1,500 and $15,000 may be funded online. Loans less than $1,500 or greater than $15,000 are funded through our branch network.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

 

Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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