Conventional loans for Dallas Fort Worth buyers.
A conventional loan is the most common way to buy a home in Texas. It is not backed by a government agency, it follows guidelines set by Fannie Mae and Freddie Mac, and it works for first time buyers, move up buyers and investors alike.
Who it's for
- First time and move up buyers with steady, documented income
- Buyers who want flexibility on property type, including second homes and investment property
- Buyers who want the option to remove mortgage insurance later as their equity grows
How it works with me
- We review your income, assets and credit together so you know your real price range before you tour.
- I compare conventional options side by side with FHA and other programs so you can see the trade offs in writing.
- Once you are under contract, I keep you, your agent and the title company updated through closing.
What you'll need
- Recent pay stubs and two years of W2s, or tax returns if you are self employed
- Two months of bank and asset statements
- A photo ID and permission to review your credit
Every situation is different. Send me your scenario and I will tell you honestly which programs fit, and compare them side by side in writing.
Programs, terms and eligibility vary and are subject to credit approval, underwriting guidelines and program availability. Not all applicants will qualify. This is not a commitment to lend. Laila Smith, NMLS #844202, HomeTown Lending, NMLS #2712965. Equal Housing Opportunity.
Questions buyers ask me
Is a conventional loan only for buyers with a large down payment?
No. There are conventional options designed for first time buyers and buyers with smaller savings. I will walk you through which ones you may qualify for based on your full picture.
What is private mortgage insurance?
When a buyer puts down less than a certain amount on a conventional loan, lenders usually require private mortgage insurance. Unlike some government programs, it can typically be removed once you build enough equity.
Can I use a conventional loan for a rental property?
Yes. Conventional loans can be used for primary homes, second homes and investment properties, each with its own guidelines.