Kansas City conventional home loans information. Mortgage information for the Kansas City home buyer.

Kansas City Conventional Home Loans || Financing Home

• The Conventional loan category makes up the bulk of available loans. There are two subsets of conventional loans: Conforming and Non-conforming. Conforming loans are those that conform to the Fannie Mae and Freddie Mac guidelines. Non conforming loans do not have to meet these nationally accepted standards and vary with the lending institution that offers them. Loans can be non-conforming because the loan amount is over the accepted maximum for a conventional loan ( at this time $322,700) or because the credit or debt to income qualifications of the buyer do not fit into the standard conforming matrix.
• Simply put the range of available conventional loans is so broad there is something for almost any buyer. The most common loan is 5% or 10% down payment with a 30 year amortization. Loans are available with fixed rates for 10, 15, 20 or 30 year periods. Some will even be made for longer periods. Adjustable Rate Mortgages, known as ARMs, are available in almost any configuration you can think of. The most common are 1 month, 6month,1yr, 2yr, 3yr, 5yr, 7yr and 10yr ARMs. This means the interest rate is fixed for the initial period of 1year or 7 years and can then fluctuate after that. A Balloon Loan is similar to an ARM except at the end of the term it is due and does not adjust.
• Contact Realtor Mortgage Advantage for all your loan options. We have Interest rates as low as 1.25%, Construction loans, Interest-only loans up to $1,000,000.00, $250 payment for a $100,000 home, 103% financing, covers closing costs We have the solution for you! Contact us at 913-526-5306, to get started.