{"id":122,"date":"2020-12-31T02:20:50","date_gmt":"2020-12-31T02:20:50","guid":{"rendered":"https:\/\/webdevcode.com\/wp\/pylon\/live\/?post_type=pylon_service&#038;p=122"},"modified":"2022-01-22T02:27:51","modified_gmt":"2022-01-22T02:27:51","slug":"personal-loan","status":"publish","type":"pylon_service","link":"https:\/\/saboorimortgageteam.com\/?pylon_service=personal-loan","title":{"rendered":"Conventional Loan"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"122\" class=\"elementor elementor-122\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9a4555 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9a4555\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-978ddc3\" data-id=\"978ddc3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-483b50e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"483b50e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6a987ed\" data-id=\"6a987ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4ad1c2 elementor-widget elementor-widget-image\" data-id=\"f4ad1c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-scaled.jpeg\" class=\"attachment-full size-full wp-image-5175\" alt=\"\" srcset=\"https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-scaled.jpeg 2560w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-300x200.jpeg 300w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-1024x683.jpeg 1024w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-768x512.jpeg 768w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-1536x1024.jpeg 1536w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/conventional-loans-saboori-mortgage-loans-1-2048x1365.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86e966a elementor-widget elementor-widget-pylon_title\" data-id=\"86e966a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"pylon_title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t        <div class=\"pylon-title\">\r\n            <div class=\"block-title\">\r\n                \r\n            <h3 class=\"title-block\">What Is a Conventional Mortgage or Loan?<\/h3>\r\n                        <\/div>\r\n            <p>A conventional mortgage or conventional loan is any type of home buyer\u2019s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. However, some conventional mortgages can be guaranteed by two government-sponsored enterprises; the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).1<\/p><p>When working with a conventional loan program, your loan officer will help you plan accordingly and realistically. Preparing your required documents and your down payment will make the difference in securing your funding smoothly and efficiently. Your loan officer has the experience and the \u201cknow-how\u201d to keep you moving forward in the right direction. Don\u2019t be afraid to ask questions along the way \u2013 we\u2019re always here and happy to help!<\/p>                    <\/div>\r\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-04d382e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"04d382e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-36e4a24\" data-id=\"36e4a24\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1e0cffa elementor-widget elementor-widget-text-editor\" data-id=\"1e0cffa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Key Takeaways<\/h2><ul><li>A conventional mortgage or conventional loan is a home buyer\u2019s loan that is not offered or secured by a government entity.<\/li><li>It is available through or guaranteed by a private lender or the two government-sponsored enterprises\u2014Fannie Mae and Freddie Mac.<\/li><li>Potential borrowers need to complete an official mortgage application, supply required documents, credit history, and current credit score.<\/li><li>Conventional loan interest rates tend to be higher than those of government-backed mortgages, such as FHA loans.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-68daccb\" data-id=\"68daccb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45da3db elementor-widget elementor-widget-text-editor\" data-id=\"45da3db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Understanding Conventional Mortgages and Loans<\/h2><ul><li>Conventional mortgages typically have a fixed rate of interest, which means that the interest rate does not change throughout the life of the loan.<\/li><li>\u00a0Conventional mortgages or loans are not guaranteed by the federal government and as a result, typically have stricter lending requirements by banks and creditors.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-73b9567 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"73b9567\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-37056c0\" data-id=\"37056c0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9f08138 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9f08138\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b81cb0\" data-id=\"7b81cb0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d7487a6 elementor-widget elementor-widget-pylon_accordion\" data-id=\"d7487a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"pylon_accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\r\n        <script>\r\n\r\n            jQuery(document).ready(function($) {\r\n\r\n                \"use strict\";\r\n\r\n            $(\"#accordion-186636827 .collapse\").on(\"shown.bs.collapse\", function() {\r\n\r\n                $(this).prev().addClass(\"active\");\r\n\r\n                $(this).prev().parent().addClass(\"active\");\r\n\r\n            });\r\n\r\n        \r\n\r\n            $(\"#accordion-186636827 .collapse\").on(\"hidden.bs.collapse\", function() {\r\n\r\n                $(this).prev().removeClass(\"active\");\r\n\r\n                $(this).prev().parent().removeClass(\"active\");\r\n\r\n            });\r\n\r\n        \r\n\r\n            $(\"#accordion-186636827\").on(\"hide.bs.collapse show.bs.collapse\", (e) => {\r\n\r\n                $(e.target).prev().find(\"i:last-child\").toggleClass(\"fa-plus fa-minus\");\r\n\r\n            });\r\n\r\n        });\r\n\r\n        <\/script>\r\n\r\n        \r\n        <ul id=\"accordion-186636827\" class=\"mb-0 list-unstyled accordion\">\r\n\r\n            \r\n            <li class=\"active\">\r\n\r\n                <h3 class=\"para-title active\">\r\n\r\n                    <span class=\"collapsed\" role=\"button\" data-toggle=\"collapse\" data-target=\"#collapse1\" aria-expanded=\"false\" aria-controls=\"collapse1\">\r\n\r\n                        <i class=\"fas fa-minus\"><\/i>\r\n                        \r\n\r\n                       Conventional vs. Conforming\r\n                    <\/span>\r\n\r\n                <\/h3>\r\n\r\n                <div id=\"collapse1\" class=\"collapse show\" role=\"button\" aria-labelledby=\"collapse1\" data-parent=\"#accordion-186636827\">\r\n\r\n                    <p>Conventional loans are often erroneously referred to as conforming mortgages or loans. While there is overlap, the two are distinct categories. A conforming mortgage is one whose underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. Chief among those is a dollar limit, set annually by the Federal Housing Finance Agency (FHFA). In most of the continental U.S., a loan must not exceed $647,200 in 2022 (up from $548,250 in 2021).5\n\nSo while all conforming loans are conventional, not all conventional loans qualify as conforming. A jumbo mortgage of $800,000, for example, is a conventional mortgage but not a conforming mortgage\u2014because it surpasses the amount that would allow it to be backed by Fannie Mae or Freddie Mac.\n\n\nIn 2020, there were 8.3 million homeowners with FHA-insured mortgages.6 The secondary market for conventional mortgages is extremely large and liquid. Most conventional mortgages are packaged into pass-through mortgage-backed securities, which trade in a well-established forward market known as the mortgage to be announced (TBA) market. Many of these conventional pass-through securities are further securitized into collateralized mortgage obligations (CMOs).<\/p>\r\n\r\n                <\/div>\r\n\r\n            <\/li>\r\n\r\n            \r\n        <\/ul>\r\n\r\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49d5226 elementor-widget elementor-widget-pylon_accordion\" data-id=\"49d5226\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"pylon_accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\r\n        <script>\r\n\r\n            jQuery(document).ready(function($) {\r\n\r\n                \"use strict\";\r\n\r\n            $(\"#accordion-195326438 .collapse\").on(\"shown.bs.collapse\", function() {\r\n\r\n                $(this).prev().addClass(\"active\");\r\n\r\n                $(this).prev().parent().addClass(\"active\");\r\n\r\n            });\r\n\r\n        \r\n\r\n            $(\"#accordion-195326438 .collapse\").on(\"hidden.bs.collapse\", function() {\r\n\r\n                $(this).prev().removeClass(\"active\");\r\n\r\n                $(this).prev().parent().removeClass(\"active\");\r\n\r\n            });\r\n\r\n        \r\n\r\n            $(\"#accordion-195326438\").on(\"hide.bs.collapse show.bs.collapse\", (e) => {\r\n\r\n                $(e.target).prev().find(\"i:last-child\").toggleClass(\"fa-plus fa-minus\");\r\n\r\n            });\r\n\r\n        });\r\n\r\n        <\/script>\r\n\r\n        \r\n        <ul id=\"accordion-195326438\" class=\"mb-0 list-unstyled accordion\">\r\n\r\n            \r\n            <li class=\"active\">\r\n\r\n                <h3 class=\"para-title active\">\r\n\r\n                    <span class=\"collapsed\" role=\"button\" data-toggle=\"collapse\" data-target=\"#collapse1\" aria-expanded=\"false\" aria-controls=\"collapse1\">\r\n\r\n                        <i class=\"fas fa-minus\"><\/i>\r\n                        \r\n\r\n                       Interest Rates for Conventional Mortgages\r\n                    <\/span>\r\n\r\n                <\/h3>\r\n\r\n                <div id=\"collapse1\" class=\"collapse show\" role=\"button\" aria-labelledby=\"collapse1\" data-parent=\"#accordion-195326438\">\r\n\r\n                    <p>Interest Rates for Conventional MortgagesSo while all conforming loans are conventional, not all conventional loans qualify as conforming. A jumbo mortgage of $800,000, for example, is a conventional mortgage but not a conforming mortgage\u2014because it surpasses the amount that would allow it to be backed by Fannie Mae or Freddie Mac.\n\n\nIn 2020, there were 8.3 million homeowners with FHA-insured mortgages.6 The secondary market for conventional mortgages is extremely large and liquid. Most conventional mortgages are packaged into pass-through mortgage-backed securities, which trade in a well-established forward market known as the mortgage to be announced (TBA) market. Many of these conventional pass-through securities are further securitized into collateralized mortgage obligations (CMOs).<\/p>\r\n\r\n                <\/div>\r\n\r\n            <\/li>\r\n\r\n            \r\n            <li class=\"active\">\r\n\r\n                <h3 class=\"para-title active\">\r\n\r\n                    <span class=\"collapsed\" role=\"button\" data-toggle=\"collapse\" data-target=\"#collapse2\" aria-expanded=\"false\" aria-controls=\"collapse2\">\r\n\r\n                        <i class=\"fas fa-minus\"><\/i>\r\n                        \r\n\r\n                       How a Conventional Mortgage or Loan Works\r\n                    <\/span>\r\n\r\n                <\/h3>\r\n\r\n                <div id=\"collapse2\" class=\"collapse show\" role=\"button\" aria-labelledby=\"collapse2\" data-parent=\"#accordion-195326438\">\r\n\r\n                    <p>In the years since the subprime mortgage meltdown in 2007, lenders have tightened the qualifications for loans\u2014\u201cno verification\u201d and \u201cno down payment\u201d mortgages have gone with the wind, for example\u2014but overall, most of the basic requirements haven\u2019t changed.7 Potential borrowers need to complete an official mortgage application (and usually pay an application fee), then supply the lender with the necessary documents to perform an extensive check on their background, credit history, and current credit score.<\/p>\r\n\r\n                <\/div>\r\n\r\n            <\/li>\r\n\r\n            \r\n        <\/ul>\r\n\r\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9de2354 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9de2354\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0170746\" data-id=\"0170746\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e4c51a elementor-widget elementor-widget-heading\" data-id=\"7e4c51a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Required Documentation\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fc967e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fc967e5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c35bbe8\" data-id=\"c35bbe8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a229ad7 elementor-widget elementor-widget-text-editor\" data-id=\"a229ad7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>No property is ever 100% financed. In checking your assets and liabilities, a lender is looking to see not only if you can afford your monthly mortgage payments, which usually shouldn&#8217;t exceed 28% of your gross income.8 The lender is also looking to see if you can handle a down payment on the property (and if so, how much), along with other up-front costs, such as loan origination or underwriting fees, broker fees, and settlement or closing costs, all of which can significantly drive up the cost of a mortgage. Among the items required are:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c958d6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c958d6b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dfbe4db\" data-id=\"dfbe4db\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4cc2304 elementor-widget elementor-widget-toggle\" data-id=\"4cc2304\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8041\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-8041\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-square-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">1. Proof of Income<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8041\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-8041\"><p>These documents will include but may not be limited to:<\/p><ul><li>Thirty days of pay stubs that show income as well as year-to-date income<\/li><li>Two years of federal tax returns<\/li><li>Sixty days or a quarterly statement of all asset accounts, including your checking, savings, and any investment accounts<\/li><li>Two years of W-2 statements<\/li><li>Borrowers also need to be prepared with proof of any additional income, such as alimony or bonuses.<\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8042\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-8042\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-square-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">2. Assets<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8042\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-8042\"><p>You will need to present bank statements and investment account statements to prove that you have funds for the down payment and closing costs on the residence, as well as cash reserves. If you receive money from a friend or relative to assist with the down payment, you will need gift letters, which certify that these are not loans and have no required or obligatory repayment. These letters will often need to be notarized.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8043\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-8043\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-square-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">3. Employment Verification<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8043\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-8043\"><p>Lenders today want to make sure they are loaning only to borrowers with a stable work history. Your lender will not only want to see your pay stubs but may also call your employer to verify that you are still employed and to check your salary. If you have recently changed jobs, a lender may want to contact your previous employer. Self-employed borrowers will need to provide significant additional paperwork concerning their business and income.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-8044\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-8044\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-caret-square-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">4. Other Documentation<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-8044\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-8044\"><p>Your lender will need to copy your driver\u2019s license or state ID card and will need your Social Security number and your signature, allowing the lender to pull your credit report.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-798498e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"798498e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c0f1490\" data-id=\"c0f1490\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba2bd45 elementor-tabs-alignment-end elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"ba2bd45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1951\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1951\" aria-expanded=\"false\">Interest Rates for Conventional Mortgages<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1952\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1952\" aria-expanded=\"false\">Calculate Your Monthly Payment<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1951\" aria-expanded=\"false\">Interest Rates for Conventional Mortgages<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1951\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1951\" tabindex=\"0\" hidden=\"false\"><p>Conventional loan interest rates tend to be higher than those of government-backed mortgages, such as FHA loans (although these loans, which usually mandate that borrowers pay mortgage-insurance premiums, may work out to be just as costly in the long run).9<br \/><br \/>The interest rate carried by a conventional mortgage depends on several factors, including the terms of the loan\u2014its length, its size, and whether the interest rate is fixed interest or adjustable\u2014as well as current economic or financial market conditions. Mortgage lenders set interest rates based on their expectations for future inflation; the supply of and demand for mortgage-backed securities also influences the rates. A mortgage calculator can show you the impact of different rates on your monthly<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1952\" aria-expanded=\"false\">Calculate Your Monthly Payment<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1952\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1952\" tabindex=\"0\" hidden=\"hidden\"><p>Your monthly mortgage payment will depend on your home price, down payment, loan term, property taxes, homeowners insurance, and interest rate on the loan (which is highly dependent on your credit score). Use the inputs below to get a sense of what your monthly mortgage payment could end up being.<br \/>When the Federal Reserve makes it more expensive for banks to borrow by targeting a higher federal funds rate, the banks, in turn, pass on the higher costs to their customers, and consumer loan rates, including those for mortgages, tend to go up.<br \/><br \/>Typically linked to the interest rate are points, fees paid to the lender (or broker): the more points you pay, the lower your interest rate. One point costs 1% of the loan amount and reduces your interest rate by about 0.25%.10<br \/><br \/>The final factor in determining the interest rate is the individual borrower\u2019s financial profile: personal assets, creditworthiness, and the size of the down payment they can make on the residence to be financed.<br \/><br \/>\u00a0A buyer who plans on living in a home for 10 or more years should consider paying for points to keep interest rates lower for the life of the mortgage.<br \/>Special Considerations for a Conventional Mortgage or Loan<br \/>These types of loans are not for everyone. Here&#8217;s a look at who is likely to qualify for a conventional mortgage and who is not<\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-52993dd\" data-id=\"52993dd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af957b6 elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"af957b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1841\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1841\" aria-expanded=\"false\">Who May Qualify<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1842\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1842\" aria-expanded=\"false\">Credit Score<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1843\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1843\" aria-expanded=\"false\">Who May Not Qualify<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1841\" aria-expanded=\"false\">Who May Qualify<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1841\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1841\" tabindex=\"0\" hidden=\"false\"><p>People with established credit and stellar credit reports who are on a solid financial footing usually qualify for conventional mortgages. More specifically, the ideal candidate should have:<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1842\" aria-expanded=\"false\">Credit Score<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1842\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1842\" tabindex=\"0\" hidden=\"hidden\"><p>A credit score is a numerical representation of a borrower&#8217;s ability to pay back a loan. Credit scores include a borrower&#8217;s credit history and the number of late payments. A credit score of at least 620 and, possibly higher can be required for approval. Also, the higher the score, the lower the interest rate on the loan, with the best terms being reserved for those with an excellent score.11<br \/><br \/>Debt-to-Income<br \/>An acceptable debt-to-income ratio (DTI). This is the sum of your monthly debt payments, such as credit cards and loan payments, compared to your monthly income. Ideally, the debt-to-income ratio should be around 36% and no more than 43%. In other words, you should spend less than 36% of your monthly income on debt payments.12<br \/><br \/>Down Payment<br \/>A down payment of at least 20% of the home\u2019s purchase price readily available. Lenders can and do accept less, but if they do, they often require that borrowers take out private mortgage insurance and pay its premiums monthly until they achieve at least 20% equity in the house.<br \/><br \/>In addition, conventional mortgages are often the best or only recourse for homebuyers who want the residence for investment purposes, as a second home, or who want to purchase a property priced over $500,000.<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1843\" aria-expanded=\"false\">Who May Not Qualify<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1843\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1843\" tabindex=\"0\" hidden=\"hidden\"><p>Generally speaking, those who are just starting out in life, those with a little more debt than normal, and those with a modest credit rating often have trouble qualifying for conventional loans. More specifically, these mortgages would be tough for those who have:<br \/><br \/>Suffered bankruptcy or foreclosure within the past seven years<br \/>Credit scores below 650<br \/>DTIs above 43%<br \/>Less than 20% or even 10% of the home&#8217;s purchase price for a down payment<br \/>However, if you&#8217;re turned down for the mortgage, be sure to ask for the bank&#8217;s reasons in writing. You may qualify for other programs that could help you get approved for a mortgage.<br \/><br \/>For example, if you have no credit history and you&#8217;re a first-time homebuyer, you may qualify for an FHA loan. FHA loans are loans that are specifically tailored for first-time homebuyers. As a result, FHA loans have different qualifications and credit requirements, including a lower down payment.<\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25c052fb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25c052fb\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-5c08088a\" data-id=\"5c08088a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2056ea7c elementor-widget elementor-widget-image\" data-id=\"2056ea7c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"759\" src=\"https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-863x1024.jpg\" class=\"attachment-large size-large wp-image-4960\" alt=\"\" srcset=\"https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-863x1024.jpg 863w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-253x300.jpg 253w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-768x912.jpg 768w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-1294x1536.jpg 1294w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only-1725x2048.jpg 1725w, https:\/\/saboorimortgageteam.com\/wp-content\/uploads\/2020\/12\/Fred-Only.jpg 1968w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-3442cec0\" data-id=\"3442cec0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3bfe8a19 elementor-widget elementor-widget-heading\" data-id=\"3bfe8a19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><br><br><br><b>FRED SABOORI<\/b><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72eed48c elementor-widget elementor-widget-text-editor\" data-id=\"72eed48c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"_04xlpA direction-ltr align-start para-style-body\"><strong>NMLS #910613<\/strong><br \/><strong>FireStone Financial Group<\/strong><br \/><strong>4010 Moorpark Ave #104, San Jose, CA 95117<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36686afd elementor-widget elementor-widget-heading\" data-id=\"36686afd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><span class=\"JsGRdQ\" style=\"font-weight: 400\">Outside the BOX SOLUTIONS! Lets Talk<\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-857c667 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"857c667\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-96a36b5\" data-id=\"96a36b5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ff1c5bd elementor-view-stacked elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"ff1c5bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-phone-square-alt\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-43cf7ff\" data-id=\"43cf7ff\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-311fed14 elementor-widget elementor-widget-heading\" data-id=\"311fed14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><br><span style=\"font-weight: 400\">(<\/span><span><b>408) 859-9944<\/b><\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>We are No Income Verification Mortgage\u00a0 focused but we can work all loan types. Conventional loans offer some great benefits, they allow you to take cash-out of your equity and in some cases, they provide a better interest rate<\/p>\n","protected":false},"author":1,"featured_media":83,"template":"elementor_header_footer","class_list":["post-122","pylon_service","type-pylon_service","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Conventional Loan - Saboori Mortgage Team<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conventional Loan - Saboori Mortgage Team\" \/>\n<meta property=\"og:description\" content=\"We are No Income Verification Mortgage\u00a0 focused but we can work all loan types. 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