Buyers who are a little more established—meaning they have more saved or have increased their salary and lowered their debts—will usually prefer a conventional loan over an FHA.
There are also special programs like Fannie Mae’s HomeReady and Freddie Mac’s Home Possible, designed to help low- to moderate-income borrowers access conventional financing with flexible guidelines.
The rates are similar, but with a conventional loan, even if you do need PMI (Private Mortgage Insurance) because you don’t have at least 20% equity, the PMI can usually be cancelled once you reach that 20% mark.
Also, the appraisal for a conventional loan only establishes value—meaning it doesn’t assess property condition. This makes the appraisal process a little faster and eliminates one more hurdle for the seller.
This is because appraisals are generally easier with conventional loans, and sellers are more likely to view buyers with conventional loan approval as financially stronger—making the deal less likely to fall through. If all things are equal, sellers typically lean toward the offer that is most likely to close. For that reason, most sellers prefer offers backed by conventional financing.
In Central Ohio, we often face inventory shortages, with more buyers than available homes. Under these conditions, it’s an advantage to be pre-approved for a conventional loan.
Not every lender takes full advantage of today’s technology, which can make the loan process feel frustrating and slow at times.
At Barrett Financial, we focus on taking a complete loan application up front and then submitting it to automated underwriting. What this means for you is that we can get a strong, underwritten approval quickly—and we’ll know exactly what documentation is needed from the start. This way, you only need to gather and submit your documents once, instead of dealing with endless follow-up requests.
We also use technology to streamline the application itself. You can apply online at your convenience, electronically sign your documents, and securely upload your paperwork—eliminating the need to print and bring anything into the office.
At the same time, we still believe in a personal approach. We live and work right here in Central Ohio, and our clients are always welcome to meet with us in person at our Gahanna office. That way, you know exactly who you’re working with. We’re part of this community—not some faraway call center where your file is handled by a committee and you never know who you’ll get on the phone.
If you’re serious about buying a home in today’s market, having a conventional loan approval in hand can make a real difference. It gives sellers confidence and can give you a competitive edge when it matters most.
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
