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Loan Programs
Conventional
A conventional mortgage loan is a type of home loan that is not guaranteed or insured by any government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, conventional loans are backed by private lenders like banks and mortgage companies. Conventional loans offer flexibility in terms of loan terms, repayment options, and property types. They are often suitable for borrowers with strong credit histories, stable incomes, and the ability to make a significant down payment.
Down Payment
Down payment can be as low as 3% depending on the scenario.
Credit Score
Borrowers typically need a good credit score to qualify for a conventional loan – minimum FICO required is 620.
Private Mortgage Insurance
If the borrower puts down less than 20% of the home's purchase price, they may be required to pay for private mortgage insurance. Once the borrower's equity in the home reaches 20%, they may be able to cancel PMI.
Loan Limits
Conventional loans have maximum loan limits set by Fannie Mae and Freddie Mac, two government-sponsored enterprises that buy and guarantee mortgages on the secondary market. These limits vary by location and are adjusted annually.
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NMLS #2051275
• www.nmlsconsumeraccess.org

• Licensed by:
o District of Columbia Department of Insurance, Securities & Banking #MLB 2051275
o Florida Office of Financial Regulation #MBR4894
o Maryland Office of Financial Regulation #2051275
o Virginia Bureau of Financial Institutions #MC-7155
• 4Ever Lending USA LLC arranges loans with third-party providers, does not make any mortgage loan commitments or fund any mortgage loans.
• For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.

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