Conventional Loans in Flower Mound, Texas
Given the ease and availability of government-backed lending programs – meaning VA loans, FHA loans and USDA loans – Flower Mound home buyers often close their eyes to conventional loans offered by private lenders. However, this form of home financing is among the most flexible, and for many borrowers, conventional mortgages are the best choice.
With conventional financing, residents of north Texas have the opportunity to buy a home with a down payment as low as three percent. Putting down less than 20 percent of a property’s purchase price means paying private mortgage insurance, but it can be canceled after reaching that much in equity. Lenders offer a broad range of term lengths, and well-qualified home buyers can borrow as much as they need.
What’s more, getting to closing is faster with a conventional loan, as it requires less paperwork than a government-backed mortgage. In a crowded market, when several people want to buy the same Flower Mound home, this can make a major difference. Also, unlike financing through the VA, FHA or USDA, conventional mortgages allow for the purchase of an investment property, multi-unit dwelling or second home.
Mortgage lenders have relatively strict credit standards and eligibility requirements, but qualifying for conventional financing is easier than many people think. And for those who do, taking out a conventional loan can be a cost-effective strategy. If you’re ready to buy a home in Flower Mound, Texas, the mortgage professionals at PRMI can match you with a mortgage – and we can get you a great rate. Contact us today!