Conventional Home Loans in Orlando & Pensacola, FL
Welcome to Avi Bastajian Mortgage Team, your trusted partner for conventional home loans in Orlando and Pensacola, Florida. With over 24 years of expertise and more than 400 5-star reviews, our team specializes in providing reliable, flexible financing options for first-time homebuyers, refinancers, and investors. Conventional loans offer competitive rates without the restrictions of government-backed programs like FHA or VA, making them an ideal choice for those with strong credit and stable finances.
What Are Conventional Loans?
Conventional loans are non-government-backed mortgages offered by private lenders like us, conforming to guidelines set by Fannie Mae and Freddie Mac. They provide fixed or adjustable-rate options with terms typically ranging from 15-30 years. These loans are perfect for purchasing or refinancing primary residences, second homes, or investment properties with down payments starting as low as 3% for qualified buyers.
Ready to Get Started?
Don't miss out on today's competitive rates-- secure your conventional loan with Avi Bastajian Mortgage Team today! Whether you're buying in bustling Orlando or coastal Pensacola, our dedicated experts are here to make homeownership simple and affordable.
Call us at (850) 473-0070 for a free, no-obligation consultation, or apply online now to get pre-approved!
-Low Down Payments: Start with just 3% down for first-time buyers.
-Flexible terms: Loan term between 10-30 years and selecting either a fixed rate or adjustable-rate mortgage.
-No PMI After Equity Build: Once your loan-to-value (LTV) ratio reaches 80% (meaning that you have 20% equity). The lender is required by law to automatically cancel PMI when your LTV ratio reaches 78% (22% equity).
-Versatility: Use for purchases, refinances, cash-out options, or even investment properties without occupancy restrictions.
-Streamlined Process: Faster approvals with our expert team, backed by personalized guidance and zero hidden fees.
It is possible to obtain a conventional mortgage loan with a down payment as low as 3%. While conventional loans traditionally require a larger down payment, some borrowers may qualify to purchase a home with a 3%-5% down payment. Keep in mind that a lower down payment may result in additional costs, such as private mortgage insurance (PMI).
To qualify for a conventional loan, you generally need a good credit score (usually above 660), a stable employment history, and a manageable debt-to-income ratio. Other factors, such as your income, assets, and the property's appraisal value, will also be considered. Specific requirements may vary, so it's essential to consult with a mortgage professional to determine your eligibility.
Conventional loans can be an excellent choice for many homebuyers. They often offer competitive interest rates, term flexibility, and the ability to finance various property types. However, whether a conventional loan is the best option depends on your financial situation, credit history, and preferences. It's always a good idea to explore multiple loan options and consult a mortgage professional to determine the best fit for your needs.
The timing for refinancing an FHA loan into a conventional loan depends on several factors. In most cases, you can refinance an FHA loan into a conventional loan once you have built enough equity in your home. Typically, this means reaching an 80% loan-to-value (LTV) ratio. However, specific requirements may vary, so it's important to discuss your options with Avi Bastajian and his team!
There are several options available to help cover closing costs with your conventional loan:
- Ask the seller for "seller concessions" to help pay your closing costs. You can negotiate this into your contract when buying the home. Keep in mind that feasibility may vary depending on the real estate market conditions. Chat with Avi Bastajian and his Team to see if you qualify for this option!
- Consider paying a higher mortgage interest rate in exchange for the lender's assistance covering your closing costs. This is commonly known as "buying up" your interest rate.
- Some conventional home loan programs allow gift money from family members, employers, or close friends to help with closing costs. Talk with Avi Bastajian and his Team and they will advise you.
It is possible to obtain a conventional loan if you owe taxes, but it depends on several factors. First, it's important to understand the difference between owing taxes and having a tax lien. Owing taxes means you owe money to the IRS and/or a state, while a tax lien occurs when your unpaid taxes result in collection actions. Having an IRS lien on your income or assets can significantly decrease your chances of being approved for a conventional mortgage.
Communicate openly with Avi Bastajian and his Team and they will guide you through the loan application process and help you explore potential solutions or alternatives.
- Higher Loan Limits: Conventional loans generally offer higher loan limits compared to FHA loans. This can be beneficial if you are looking to finance a more expensive property or live in a high-cost area, as it allows you to borrow a larger amount.
- No Upfront Mortgage Insurance: Unlike FHA loans, Conventional loans do not require upfront mortgage insurance premiums. This means you can save on the upfront costs associated with the loan and potentially lower your overall loan amount.
- Flexible Mortgage Insurance Options: With a Conventional loan, once you reach a loan-to-value (LTV) ratio of 80% or less, you have the option to cancel private mortgage insurance (PMI) or request its removal. This can result in significant savings over time compared to FHA loans, which typically require mortgage insurance for the entire loan term.
- More Lenient Property Standards: Conventional loans generally have more flexibility when it comes to property condition and appraisal requirements. FHA loans often have stricter property standards, which could limit your options when purchasing a home that needs repairs or renovations.
It's important to note that both loan types have their own advantages and considerations, and the right choice depends on your specific financial situation and goals. Consulting with a mortgage professional can help you evaluate the options and determine the best fit for your needs.
