Conventional Loans

Conventional Loans are part of our most popular products at AmeriCasa, and we aim to inform you about all of them to find the one that is best for you. To qualify for a Conventional Loan buyers need to have a good credit, savings and the ability to put down a larger payment. With 20% down, a borrower avoids Mortgage Insurance costs associated with other loans, therefore saving money in the long term. We recommend this type of program for looking to purchase a second home.

COVENTIONAL LOANS

This are some of the advantages of a Conventional Loan:

  • Easy approval process based on automated underwriting system findings.
  • 1 year taxes allowed.
  • Ability to have a single pay or monthly on mortgage insurance, or lender paid.
  • Most condos qualify and depending on down payment allow a limited review.
  • You can remove the Mortgage Insurance after proof of equity of 20%.

Types of Conventional Loans we offer in AmeriCasa

  • Direct Freddie Mac Seller/Servicer
  • DU Refi Plus
  • High Balance
  • Home Renovation

What is a Conventional Loan?

A conventional loan meets certain guidelines as set forth by Fannie Mae and Freddie Mac. The best-known of these guidelines is the size of the loan; in most counties in the United States, the current maximum size of a conventional loan is $484,350, though super-conforming loans with higher price limits are available in more expensive counties.

  • Conventional LP : Freddie Conforming purchase, rate and term, cash out
  • Conventional DU : Fannie conforming purchase, rate and term, cash out
  • Conventional High Balance LP : Fannie conforming w2 no tax return purchase, rate and term, cash out
  • Conventional W2 Solamente : Jumbo loans are too large to meet the guidelines of a conforming loan. This program is meant to help you in case are buying a home in a county in which the conforming loan limit is $417,000, and you are taking out a single mortgage for $500,000, you’ll need a jumbo loan. As jumbo loans do not meet the standards of a conforming loan, they are more difficult so they may have a higher interest rate
AmeriCasa is here for you

This is the most updated information available about Conventional Loans. If you believe this is the right loan for you, please do not hesitate to contact us. You can find us online via Facebook, Twitter, Instagram to keep yourself updated about our news.

This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.

Americasa and Americasa Home Loans are registered DBAs of Nationwide Mortgage Bankers, Inc 68 S Service Rd Suite 340, Melville, NY 11747 is Registered with the Nationwide Mortgage Licensing System NMLS # 819382. New Jersey Residential Mortgage Lender License # 819382; Licensed Mortgage Banker - NYS Department of Financial Services # B501004; HUD Approved Title II Supervised Lender # 3113200005. Nationwide is not acting on behalf of or at the direction of HUD / FHA or the Federal Government. All loans are subject to Credit and Appraisal Approval. Program, Rates, Terms, and Conditions are subject to change without notice. This is not a commitment to lend.

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