Conventional

Conventional loans are a popular choice for homebuyers looking for flexible financing with competitive rates. These loans are not backed by the government, allowing for a variety of terms and down payment options as low as 3% for qualified buyers. Borrowers with strong credit scores and stable income can often secure lower interest rates compared to government-backed loans.

These loans are ideal for first-time homebuyers, move-up buyers, and even those purchasing investment properties. With options for fixed and adjustable rates, conventional loans offer flexibility in loan terms and repayment schedules. They also allow for higher loan amounts than FHA loans, making them a great option for higher-priced homes.

Self-employed borrowers can also qualify for conventional loans with alternative income documentation, such as bank statements or profit and loss statements. Private mortgage insurance (PMI) is required for down payments under 20% but can be removed once enough equity is built. If you're looking for a loan with fewer restrictions and more options, a conventional loan could be the right fit.

Disclaimer: Loan product guidelines are subject to change. Contact your Caritas Mortgage loan officer for the most up-to-date information.