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Conventional Home Loans are mortgage loans that are not insured or guaranteed by government agencies such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Unlike government-backed loans, Conventional loans are subject to the lender’s underwriting guidelines and are typically offered by private lenders or financial institutions.
The application process for a Conventional Home Loan involves several steps, from pre-approval to closing. Borrowers must provide documentation to verify their income, employment history, and creditworthiness. Working with an experienced lender can help streamline the application process and ensure a smooth closing.
Fees associated with Conventional loans may include origination fees, appraisal fees, and closing costs. Private Mortgage Insurance (PMI) is required for Conventional loans with down payments less than 20% to protect lenders in case of borrower default. Understanding these fees and costs is essential for borrowers considering Conventional financing.
To qualify for a Conventional Home Loan, borrowers must meet specific eligibility criteria set by lenders, including minimum credit score requirements, debt-to-income ratio guidelines, and down payment requirements. Conventional loans may be suitable for borrowers with strong credit histories and stable financial situations who can meet stricter qualification criteria.
Conventional loans offer several benefits, including flexible terms and options, potentially lower interest rates for borrowers with excellent credit, and no upfront mortgage insurance premiums. Borrowers who can meet the stringent qualification criteria of Conventional loans may enjoy more flexibility in terms of loan terms and options.
Down payment requirements for Conventional loans typically range from 3% to 20% of the home's purchase price. Larger down payments can lower monthly mortgage payments and reduce the need for Private Mortgage Insurance (PMI), which is required for Conventional loans with down payments less than 20%.
Conventional loans have specific property requirements, including minimum property standards and appraisal requirements. Eligible properties must meet these standards to qualify for Conventional financing, ensuring they are safe and habitable for occupants.
At Accelerated Home Loans, we offer a wide range of loan types to accommodate the diverse needs of our clients. Whether you’re a first-time homebuyer, a seasoned investor, or looking to refinance your existing mortgage, we have the perfect mortgage solution for you. Our experienced team of loan officers will work closely with you to understand your unique requirements and guide you towards the loan type that best fits your financial goals. Here are some of the loan types we specialize in:
Take advantage of exclusive benefits and flexible terms that make homeownership more accessible and affordable for those who have served our country.
Conventional loans generally have a streamlined underwriting process, resulting in quicker loan approvals and faster closings.
If you're a first-time homebuyer or have limited funds for a down payment, FHA loans can be an excellent option to make homeownership a reality.
Refinancing your existing mortgage can be a smart financial move that offers a range of benefits. Whether you’re looking to lower your monthly payments, secure a better interest rate, access your home’s equity, or consolidate debt.
Purchasing a home is an exciting and significant milestone in your life, and Accelerated Home Loans is here to help you navigate the home loan purchase process with confidence.
Home Equity Line of Credit (HELOC) loans provide homeowners with a flexible borrowing option, allowing them to access funds based on the equity in their homes.
Reverse Mortgages offer homeowners aged 62 and older an innovative financial solution by tapping into their home equity while retaining ownership of their property.
USDA Loans, backed by the United States Department of Agriculture (USDA), offer attractive financing options for homebuyers in eligible rural areas.
Get started by speaking with a licensed lending officer.
If you have received a letter from Accelerated Home Loans Inc., and would like to be removed from our mailing list, please give us a call at (800) 582-2323.
Mortgage Moneyline, Inc dba Accelerated Home Loans makes customer service our number one priority. We encourage you to call our Corporate Customer Service department at (800) 582-2323 between 8:00 am and 5:00 pm Pacific Standard Time or email us anytime at info@acceleratedhomeloan.com for any complaint resolution you may have regarding the origination of your loan.
Accelerated Home Loans is a dba of Mortgage Moneyline, Inc, Department of Veterans Affairs Lender ID: 905394000, is licensed Arizona Mortgage Broker License # 1043490; California Department of Real Estate Corporation License Endorsement # 02192492; Colorado Mortgage Company Registration #2412161; Florida Mortgage Broker License # MBR5911; Maryland Mortgage Lender License # 2412161; Michigan NMLS ID FL0025526; North Carolina Broker License #B-219481; Oregon Mortgage Lending License #2412161; South Carolina Mortgage Broker License #2412161; Tennessee Mortgage License # 2412161; Texas – SML Mortgage Company License #2412161; Virginia Broker License # MC-7760. Nationwide Mortgage License System License #1895842. Licensing Information can be viewed at www.nmlsconsumeraccess.org. There is no substitute for a Loan Estimate. Accelerated Home Loans Inc., is an approved VA Lender. VA Lender ID 90-32180000.
State of Texas – Consumer Compliant Notice: Figure: 7 TAC §80.200(b) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
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