Louisiana Conventional Loan
Conventional loans meet the guidelines of Fannie Mae and Freddie Mac. They aren’t insured by the government, but they still have flexible guidelines. Conventional loans also have great terms for homebuyers throughout Louisiana.
You may think that you need a large down payment or ‘perfect’ credit for conventional loans, but you don’t. We work with a large number of lenders, each with flexible requirements that differ from one another. Let us show you how you can get 15 and 30-year fixed mortgages in Louisiana.
Conventional Loans Work Best For
Louisiana Conventional Loans are a great option for First Time Home Buyers and Repeat Home Buyers.
Conventional Loans require a credit score of 620 and down payments range from 3%-5% down.
Conventional Loans can also be a great option for borrowers with a lot of student loan debt.
How To Get An FHA Loan
- 3%-5% Down
- Credit Score of At Least 620
- Works even if you just started a new job
- A Debt to Income Ratio Under 50 %
- Less than 20% down requires PMI (Private Mortgage Insurance)
See What You Qualify For
Take the first step in owning a home. Complete our quick quiz and see what you qualify for.
Why Choose A Conventional Loan Loan
- PMI does not last the life of the loan
- Married but only want to use the debt of one spouse
- Better Rates and Terms if you have higher credit score or a large down payment
- Flexible Terms of 10,15,20,25 or 30 years.
- More friendly for borrowers with student loan debt.
What Homes Qualify?
There are not specific requirements as far as what homes will qualify with a conventional loan. In fact Conventional Loans can be more flexible one what types of homes qualify.
Conventional loans will allow you to buy a home that’s not in perfect condition and may need some work.
The current Conventional Loan Limit for most of Louisiana is $510,400.
The Bayou A Home Plan
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