Conventional mortgage loans may provide financing options for eligible primary residences, second homes, and investment properties. Available loan structures, pricing, credit, documentation, property, and underwriting requirements vary by borrower, lender, and program.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as FHA, VA, or USDA. Conventional mortgage options may be available for different property types and occupancy scenarios, subject to borrower qualifications, lender guidelines, applicable loan limits, and underwriting requirements.
Credit, debt-to-income, income, asset, reserve, down-payment, occupancy, and property requirements vary by borrower, lender, loan structure, and underwriting guidelines.
Private Mortgage Insurance (PMI) may be required for certain conventional loans depending on loan-to-value and other applicable requirements. PMI cancellation or removal is subject to applicable law, loan terms, property-value requirements, payment history, and servicer guidelines.
Lenders may consider several factors when evaluating a conventional loan scenario, including debt obligations, loan-to-value ratio, credit history, reserves, documentation, property type, and occupancy.
Compares a borrower’s monthly debt obligations with gross monthly income. DTI requirements vary by lender, program, borrower profile, and underwriting guidelines.
Compares the loan amount with the property’s value or purchase price, as applicable. LTV may affect available loan options, pricing, mortgage insurance requirements, and underwriting.
Credit history, reserves, documentation, property type, and occupancy may also affect eligibility and available financing options.
Provides a fixed interest-rate structure for the applicable loan term. Available terms vary by lender and program.
Provides an interest rate that may adjust according to the loan terms after an applicable initial period. Availability and structure vary by lender and program.
A conventional loan structured within applicable conforming loan limits and lender guidelines.
A conventional loan that falls outside applicable conforming loan parameters and is subject to lender-specific requirements.
The appropriate conventional loan structure depends on factors such as occupancy, property type, financing goals, borrower qualifications, available lender programs, and underwriting requirements. Loans by Kelly helps borrowers review available options without implying that a particular loan structure is guaranteed or appropriate for every scenario.
Loans by Kelly helps homebuyers and real estate investors explore conventional loan options for primary residences, second homes, and investment properties. Guidance may include program requirements, PMI considerations, documentation, and available financing options. Eligibility and program terms vary by borrower, property, lender, and underwriting guidelines. Support is available in English, Portuguese, and Spanish.
3 Simple Steps to Start Your Mortgage Review
We begin with a conversation to understand your home financing goals and general mortgage needs.
We review mortgage options based on your goals, property type, occupancy, documentation profile, and applicable lender guidelines.
Submit a secure application to begin the mortgage review process. Any preapproval requires applicable documentation and underwriting review.
