Conventional Loans Las Vegas

Conventional mortgage loans generally offer the best terms for borrowers with good to excellent credit and a reasonable down payment. Theyre loans not insured/guaranteed by the federal government and can have either adjustable or fixed interest rates.

Requirements of Conventional Loans

  • Down Payment: Most typically require a downpayment of 3% to 20% of the total loan amount.
  • Income: Your mortgage payments shouldn't be greater than 31% of your monthly earnings. There are programs available to allow borrowers to qualify with higher ratios when they have asset reserves, strong credit, or other compensating factors.
  • Credit Score: A good credit score or higher is typically required but guidelines will vary from lender to lender.
  • Documentation: Items that show income and your ability to pay back the loan. This includes pay stubs, proof of job history, previous residency, asset statements, and income tax filings.

Benefits of Conventional Loans

Conventional loans usually offer the most competitive rates and lowest costs to borrowers with good to excellent credit and there is typically room to negotiate some of the included loan fees. Since most lenders have the ability to cover the cost of mortgage insurance, there are typically more affordable payment options available when the downpayment or home equity is below 20%.

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