Conventional is the best loan program for someone who does have a strong credit score and more available for a down payment and who has stronger income therefore lower debt ratio.
Buyers who are a little more established meaning that they have more saved or have increased their salary and lowered their debts somewhat will usually prefer a conventional loan over an FHA.
The rates are similar but with a conventional, even if you do need PMI(Private Mortgage Insurance) because you don’t have at least 20% equity, the PMI can usually be cancelled if you do eventually build up to 20% equity.
Also, the appraisal for conventional only establishes value meaning it does not consider the condition of the property. This makes the appraisal a little bit faster and can be seen as one less hoop for the seller to jump through.
This is because of the easier appraisal and also because the seller wil likely believe the buyer is stronger financially if they are approved for conventional meaning it is less likely to not close.
Not every lender takes full advantage of today’s technology. This can make the process feel frustrating and slow at times.
At Barrett Financial we focus on taking a complete loan application up front. Then we submit your application to automated underwriting. What this means to you is that we can get a solid, underwritten approval for you quickly and we also know exactly what documentation we will need to get you approved. This means you only need to gather and submit documentation one time instead of being strung along with endless requests for additional things.
We also use technology when it comes to the application itself. This allows you to apply online whenever it works best for you and allows you to electronically sign your documents and submit application documents to us electronically eliminating the need to physically print and bring items into our office.
We’ve been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 181106
Personal NMLS: 1599243
OH RM.804600.000
Ron Pero
81 E Mill St., Suite 300
Gahanna, OH 43230
Barrett Financial Group, L.L.C.
2701 East Insightway, Suite 150
Chandler, AZ 85286
Ronald Alvin Pero | NMLS #1599243 | Barrett Financial Group, L.L.C. | NMLS #181106
2701 East Insightway, Suite 150, Chandler, AZ 85286 | OH RM.804600.000 |
Equal Housing Opportunity This is not a commitment to lend. All loans are subject to credit approval. | NMLS Consumer Access Visit Barrett Financial Group’s Website
