Learn about a Conventional Loan with HomeKey Mortgage your new construction lender in St. Louis, MO. As a new construction lender, we offer great mortgage rates and options for your new construction home loan.
The conventional mortgage most people think of is the “conforming” loan that meets the requirements of Freddie Mac and Fannie Mae. Conventional loans have a maximum loan amount of $726,200 in 2023 for most areas.
Conventional loans typically require a down-payment that can be as low as 3% for first time home buyers, otherwise it will be 15%. If putting down less than 20%, borrowers will be required to purchase private mortgage insurance (PMI). They will also have a minimum debt to income rates (DTI) which is the percentage of monthly that goes towards paying off debt.
While conventional loans are many people’s typical idea of a mortgage, HomeKey Mortgage has many programs and will help you decide which option fits your specific needs! Fill out our qualifier and we can schedule a consultation.
Conventional Loan Overview
- Loan Limits
- Down Payment
- PMI (if less than 20% down)
- Minimum Credit Score