Conventional loans are mortgage loans offered by non-Government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
By choosing American Nation Bank as your lender, you have a real person to answer your questions and guide you through the loan process. ANB has been here for over 30 years, is a financially solid banking institution, and takes pride in taking care of our customers. We look at your income, debts, credit, money available for down payment and closing costs, size of the loan, and time needed for repayment to give our recommendation on what type loan best fits your needs.
Regardless of the type of loan you choose, you will need to have some money saved for your expenses in buying the home. If you have little money, sometimes a gift is allowed. Or, you may be able to borrow the down payment and closing costs, subject to lender restrictions. And, if refinancing a home and there is enough equity, closing costs may even be allowed to roll in.
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What is a Conventional Loan?
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
Conforming vs. Non-Conforming Loans
Conventional loans are split into two types: conforming and non-conforming.
Benefits of Conventional Loans
Conventional loans are intended for borrowers with better income and credit scores, and have good rates and flexibility.
Conventional Loan Limits
Different counties have different limits on how much you can borrow for a Conventional Loan.
Get Pre-Approved for a Conventional Loan
If you are looking to purchase a home in Ardmore, or anywhere in Oklahoma, contact American Nation Bank at 580-226-6222 for more information, or simply fill out the form on this page.