What is a Conventional Loan

Benefits of Conventional Loans

Lower Interest Rates: Conventional loans often come with lower interest rates compared to government-backed loans, potentially saving you money over the life of the loan.

Flexible Terms: With a variety of term lengths and fixed or adjustable-rate options, conventional loans offer flexibility to meet your specific needs.

Higher Loan Limits: Conventional loans can provide higher loan limits, making them a great option for purchasing higher-priced homes.

No Private Mortgage Insurance (PMI) with 20% Down: Unlike some other loan types, you can avoid PMI with a conventional loan by making a 20% down payment, reducing your monthly payments.

Versatility: Whether you are purchasing a primary residence, second home, or investment property, conventional loans offer versatile financing options.

WHY CHOOSE US

What We Offer To You

Welcome to Las Vegas Mortgage, where we specialize in helping you secure the best conventional loan for your home purchase or refinance needs. As a dedicated conventional loan specialist, I am committed to providing you with expert guidance, personalized service, and a seamless loan process.

Expertise in Conventional Loans

With extensive knowledge of conventional loan programs, I ensure that you receive competitive terms and rates tailored to your unique financial situation.

Personalized Service

Every borrower is unique. I take the time to understand your specific needs and financial goals to provide customized loan solutions.

Seamless Process

From pre-qualification to closing, I handle all the details, making your home buying journey smooth and hassle-free.

Commitment to Clients

Your satisfaction is my top priority. I am dedicated to providing transparent, honest, and responsive service throughout the entire loan process.

Local Expertise

As a locally-based mortgage company, we have a deep understanding of the Las Vegas real estate market. Our insights and connections enable us to offer you valuable advice and assistance, whether you're buying a home in the city or the surrounding areas

Comprehensive Loan Options

We offer a wide range of mortgage products, including FHA, VA, conventional, and jumbo loans. This diverse selection allows us to tailor our offerings to meet your specific financial needs and goals, ensuring you get the most suitable loan product for your situation.

Mortgage Pre-Approval

Secure your financing before you start shopping. Our pre-approval process is quick and easy, giving you a clear understanding of your budget and making you a more attractive buyer. Start your journey with confidence!

House Shopping

Explore a wide range of properties that fit your needs and lifestyle. Whether you're looking for your first home, a vacation retreat, or an investment property, our team is here to guide you through the search and help you find the ideal match.

Loan Application

Complete your mortgage application with our streamlined and user-friendly process. Our experienced loan officers will assist you every step of the way, ensuring all your questions are answered and your application is processed smoothly. Let us help you make your homeownership dreams a reality!

WHAT’S THE BEST

Mortgage Programs

At Las Vegas Mortgage, we offer a variety of mortgage programs tailored to meet your unique financial situation and goals. Whether you're a first-time homebuyer, a seasoned investor, or somewhere in between, we have the perfect loan solution for you.

Specific Programs

FHA Loans: Ideal for those with lower credit scores or limited down payment funds.
Conventional Loans: Flexible options with competitive rates for a range of borrowers.
USDA Loans: Great for rural property buyers, offering zero down payment.
VA Loans: Exclusive benefits for veterans and active-duty military members.
DSCR Loans: Perfect for real estate investors focusing on cash flow properties.
Bank Statement Loans: Designed for self-employed borrowers who need to show income differently.
ITIN Loans: Accessible options for those without a Social Security number.
Foreign National Loans: Financing solutions for non-U.S. citizens.
Fix and Flip Loans: Short-term financing for property renovation and resale.
Cannabis Industry Loans: Tailored loan options for professionals in the cannabis sector.
1099 Loans: Options for independent contractors and freelancers with 1099 income.
Private Money Loans: Quick and flexible funding for unique situations or investments.

OUR TEAM

Our Staff Profiles

KeVIN SCHANDA

SENIOR MORTGAGE ADVISOR

NMLS 93971

JONATHAN FESSER

MORTGAGE ADIVSOR

NMLS 2225687

BONNIE CLOCKEL

MORTGAGE ADVISOR

NMLS 1906508

Frequently Asked Questions

What is a conventional home loan?

A conventional home loan is a type of mortgage that is not insured or guaranteed by the government, unlike FHA, VA, or USDA loans. These loans are offered by private lenders and are typically more flexible, with a wide range of terms and rates available. They often require higher credit scores and larger down payments but can offer competitive interest rates and fewer restrictions.

What Are the Down Payment Requirements for a Conventional Loan?

The minimum down payment for a conventional loan typically starts at 3% of the home's purchase price for first-time homebuyers and 5% for repeat buyers. However, putting down at least 20% can help you avoid paying private mortgage insurance (PMI), which is an additional cost required if your down payment is less than 20%.

What is Private Mortgage Insurance (PMI) and When is it Required?

Private mortgage insurance (PMI) is a type of insurance that protects the lender if a borrower defaults on their loan. PMI is typically required for conventional loans when the borrower makes a down payment of less than 20% of the home's purchase price. The cost of PMI varies but is usually included in the monthly mortgage payment until the borrower's equity in the home reaches 20%.

What Are the Credit Score Requirements for a Conventional Loan?

The minimum credit score required for a conventional loan is typically around 620. However, higher credit scores may be necessary to qualify for better interest rates and terms. Borrowers with scores above 740 are generally considered to have excellent credit and may qualify for the most favorable terms.

Can I Use a Conventional Loan for an Investment Property or Second Home?

Yes, conventional loans can be used to finance the purchase of primary residences, second homes, and investment properties. However, the terms and requirements may differ based on the type of property. For example, down payment requirements and interest rates are often higher for investment properties compared to primary residences.