Conventional Loans

What Is a Conventional Loan?

A Conventional loan is not offered or guaranteed by the federal government but is available through HOMESTAR. Most Conventional loans have either fixed or adjustable interest rates.

Fixed-rate mortgages are for homeowners who desire a stable monthly interest rate and payment over the term of 30 or 15 years.

Adjustable-rate mortgages, or ARM, offer a low introductory fixed-rate term. This is an excellent option for homeowners who are planning on selling or refinancing their home in 5-7 years as it lowers your rate and payments during the introductory fixed period.

Conventional Loans Are Great for Homebuyers Who Have:

  • Good credit scores
  • A stable employment history
  • A stable income history
  • Money to put towards a down payment

Advantages of Conventional Loans:

  • 97% financing
  • HARP loans available
  • Second home, non-owner occupied investment property financing available

Ready to find out if you may qualify for a Conventional loan?

HOMESTAR’s experienced mortgage professionals are always happy to help answer any questions you may have about Conventional loans, requirements, or the mortgage process.