Conventional loans are not insured by the FHA or VA. Generally, these are a good option for homebuyers with higher credit scores and stable employment histories. Interest rates for conventional loans are usually some of the lowest available.
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- Fixed Rate Options: Terms range from 10 – 30 years
- You may use a conventional loan to finance a property in a high-cost area
- A variety of loan terms are available – your’re not limited to 15 and 30 year terms
- Down payments as low as 3% depending on your loan amount
A Relief Refinance is designed to help you make your existing mortgage more affordable. For example, you may reduce your loan’s interest rate to reduce your monthly payments, refinance to a fixed-rate loan from an adjustable-rate mortgage (ARM), or reduce your loan’s term to save on interest.
- Your home may not require a new appraisal
- Self-employed borrowers may qualify
- Allow property types include single-family residences, condominiums and properties in Planned Unit Development (PUDs)
- You may add or remove a co-borrower