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MyLendingPal

Georgia Mortgage Brokers

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Conventional Loans

Lender talking to clients about conventional loans Conventional loans are offered through private lenders such as mortgage companies or banks, rather than through a government entity. These types of loans generally have fixed interest rates, meaning the interest rate will not change throughout the duration of the loan. Since these loans are not offered by government entities, lending requirements set by private lenders are often more strict.

Documentation Required For Conventional Loans

When applying for a conventional loan, private lenders want to ensure the applicant is able to afford the monthly payments by checking their assets and liabilities. In addition to being able to make monthly payments, lenders also want to check assets and liabilities to ensure the applicant is able to pay up front costs such as down payments, underwriting costs, settlement fees and closing costs. In order to be approved for a conventional loan, the applicant must be able to provide the following documentation.

Proof Of Income

In order for applicants to show their proof of income, they must be able to provide the lender the following documentation.

  • Pay Stubs (Up To 30 Days Or More) & A Year To Date Income
  • Minimum Of 2 Years Of W-2 Statements
  • Minimum Of 2 Years Of Federal Tax Returns
  • Statement Of 60 Days Or More Of All Asset Accounts (Checking, Savings & Investment Accounts)

Verification Of Employment

Lender looking over employment verificationTo qualify for a conventional loan, applicants must also be able to verify their employment status. Private lenders want to ensure the applicant has a solid history of employment by requiring that the applicant provide pay stubs and may also contact their employer to confirm their employment and current salary. For applicants who have recently changed employers, lenders may also contact previous employers to ensure employment stability.

Identification & Credit Verification

Private lenders require that all applicants provide a government issued ID (drivers license or state issued ID), their social security number and signature. This documentation allows lenders to pull the applicants credit history and credit report.

Who Can Qualify For A Conventional Mortgage?

Due to the strict requirements set forth by a conventional loan, applicants must be able to match the following qualifications.

Credit Score Qualifications

For those wishing to apply for a conventional loan, applicants should have a credit score no lower than 680 and in some cases a credit score of at least 700. The higher the applicant’s credit score, the lower the interest rate of the loan will be. Traditionally, applicants with credit scores over 740 are able to obtain the greatest interest rates.

Debt-To-Income Ratio

A debt-to-income ratio or DTI, is a calculation of the applicants current monthly debts including credit cards and loan payments compared to their monthly income. In most cases, an ideal debt-to-income ratio should be close to 36% and no more than 43%.

Down Payment

Downpayment for houseTo qualify for a conventional loan, applicants must be able to put a down payment of at least 20% of the loan. If applicants are unable to do so, some lenders will still allow the applicant to qualify, if they take out private mortgage insurance or PMI and pay those monthly premiums until they have reached at least 20% equity in the house.

Speak To The Experienced Mortgage Brokers Today

The experienced mortgage brokers at MyLendingPal have years of experience working with and providing qualified applicants with conventional loans. For more information about conventional loans or to start the application process, give us a call at 833.379.0797 or apply online today.

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Home Loans

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Address
5400 Laurel Springs Parkway, Suite 304 Suwanee, GA 30024

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Home Loans

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Calculators

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MyLendingPal, Inc, NMLS ID #1734346, (www.nmlsconsumeraccess.org); Corporate Office: 5400 Laurel Springs Parkway, Suite 304, Suwanee, GA 30024. Georgia Residential Mortgage Licensee #61544. Principal Loan Originator: Ricky Merchant, NMLS ID: 1517056. Georgia License # 54264. For questions regarding state licensing, please contact (404) 433-8918. Not all products and options are available in all states. Terms are subject to change without notice. Any rates or terms are speculative only and can change without notice.
Google Rating
5.0
MyLendingPal, Inc
MyLendingPal, Inc
5.0
Balachandar Sundaresan
Balachandar Sundaresan
17:30 23 Jun 20
Roger Merchant and his team were very helpful, right from getting a great rate to completing all process on time and being super responsive. Would happily recommend him!!
Dinesh Nair
Dinesh Nair
14:41 30 Jan 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Ramesh Kumar
Ramesh Kumar
02:03 17 Dec 19
I would really recommend Nations First Home Mortgage, if you are looking for the best home mortgage options. I was very much glad to work with this team and they have saved lot of time and money!!
gulshan rai
gulshan rai
03:21 17 Apr 19
I would highly recommend Mr Roger to anyone in the area looking for an amazing lender. He made the mortgage process so easy and effortless. I could tell him and his team were very attentive to all the details that came with applying for a mortgage and were quick to remind me of any deadlines that were approaching.It was super easy to work with Mr Roger.My special thanks to preeti who did an amazing job to get things done in the timely manner. If I had any questions, it was almost like she was waiting at her desk for my phone call to answer the questions immediately. The loans closed on time and without a glitch. I would highly recommend them to anyone
Ajith Nair
Ajith Nair
01:50 13 May 19
We highly recommend Roger for financing mortgage. Roger and his team were excellent through out the process and we had a very smooth purchase. They were always available when we had any questions. It was an amazing experience working with Roger and his team.
Pratul Patwari
Pratul Patwari
13:03 20 Jul 20
Roger Merchant and Priti Vin helped us in buying our first home. They understood our needs and took care of everything for us. They were very good with the communication through the process. They will always be my first choice in future for the mortgage services.
Sujatha Hariharan
Sujatha Hariharan
20:51 26 Jul 20
They were able to find me great rates. Service was quick and communication prompt. The loan process can be daunting as is the document gathering process but this was the easiest and quickest that I have experienced. Highly recommend!
Dinesh Nair
Dinesh Nair
15:53 30 Jul 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Manu Pushpanath
Manu Pushpanath
15:59 29 Jul 20
Great lender to work with. Right from document collection till closing they did it in 2weeks. The fastest closing I heard and get to experience myself. One improvement I suggest is it will be good if the closing attorney can come into the house for completing the closing. Considering current situation it will add a lot of value to the reputation. Thanks Milan and team for a good closing experience.
Sakthi S
Sakthi S
20:46 01 Sep 20
Would definitely recommend Roger and his team.Refinanced for the second time and with roger, I didn’t feel like I refinanced.The process was very smooth and fast.The rates were very competitive and it was amazingworking with Roger and his team.I’d recommend him for sure.
Sunny Patel
Sunny Patel
21:17 01 Sep 20
They were quick, courteous, and professional. They got me an excellent rate and helped make the process smooth. I would recommend using to my friends and family!
Emmitt Rathore
Emmitt Rathore
14:57 22 Dec 20
Roger helped us find an unbeatable rate!His decades of work in the industry made it easy for us to complete many processes with the lender, and helped us close on time!I will definitely be passing the good word around and recommending family and friends to him.I look forward to our next real estate transaction with them.
M Alamoti
M Alamoti
01:02 11 Jan 21
I had the experience of using their service. They know what they are doing. They are very honest, professional and caring. I have no doubt and hesitation to recommend them to anyone who is looking to purchase a home. I am very pleased for their service.
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