Skyview Lending Group: Your Trusted Partner for Secure Conventional Mortgages

A conventional mortgage loan is a type of home loan that is not insured or guaranteed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, it is issued and backed solely by a private lender or a financial institution. Conventional mortgages are typically offered to borrowers who have good credit scores and a stable financial history.

Key characteristics of conventional mortgage loans include:

  1. Down Payment: Conventional loans often require a higher down payment compared to government-backed loans. Typically, borrowers are expected to make a down payment of at least 5% of the home’s purchase price, although some lenders may require a larger down payment depending on the borrower’s creditworthiness and the loan program.

  2. Credit Requirements: Borrowers applying for conventional mortgages need to have a strong credit history and a good credit score to qualify for favorable interest rates. Lenders may have varying credit score requirements, but a score of 620 or higher is often considered the minimum.

  3. Private Mortgage Insurance (PMI): If the down payment is less than 20% of the home’s purchase price, borrowers typically need to pay for private mortgage insurance (PMI). PMI protects the lender in case the borrower defaults on the loan. Once the loan-to-value ratio (LTV) reaches 80%, borrowers can often request the removal of PMI.

  4. Loan Limits: Conventional loans have limits on the maximum loan amount that can be borrowed without becoming a jumbo loan. These limits are set by government-sponsored enterprises like Fannie Mae and Freddie Mac and can vary by location.

  5. Fixed or Adjustable Rates: Conventional mortgage loans can come with either fixed interest rates, which remain constant throughout the loan term, or adjustable rates, which may change periodically after an initial fixed period.

Conventional loans offer flexibility in terms of loan programs and terms, making them a popular choice for homebuyers who meet the credit and down payment requirements. Borrowers should carefully compare their options, including interest rates, loan terms, and costs, before choosing a conventional mortgage or exploring other financing alternatives.

What we offer

We offer a full range of lending options that provides lower fees and better rates.

Conventional Mortgages

A conventional mortgage is a home loan backed by federally created entities. Typically offered to borrowers with good credit and stable financial histories, these loans offer flexibility for homebuyers who meet the necessary credit and down payment criteria.
Conventional Loans

VA Loans

VA Mortgages from the Department of Veteran Affairs offer advantageous loan programs for service members, veterans, and their families, featuring flexible credit criteria, income-to-debt ratios, and no private mortgage insurance requirements.
VA Loans

FHA Loans

An FHA Mortgage, administered by the Federal Housing Authority and part of the US Department of Housing and Urban Development (HUD), provides flexible options and more lenient credit requirements, making it suitable for both first-time and non-first-time home buyers.
FHA Loans

USDA Loans

USDA Mortgages, provided by the United States Department of Agriculture, offer the option of no down payment, but they require more stringent credit criteria and have geographic eligibility areas. These loans are popular for homebuyers in eligible areas with established credit history, needing 100% financing.
Farm and Land services

Jumbo Loans

A jumbo loan is designed for high-value properties that exceed conforming loan limits. It offers larger loan amounts but requires stricter qualifications and comes with higher interest rates. Borrowers need substantial down payments and excellent credit. It's ideal for luxury home purchases but involves increased scrutiny and costs.
Jumbo Loans

Additional Options

SkyView Lending Group also offers financing for Non QM, Commercial, Multi Family, Farms, Investment Property, Construction Loans, Renovation Loans, Acquisition & Development and more.
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