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Today's technology is providing a more productive environment to work in. For example, through our website you can submit a complete on-line, secure loan application or pre-qualify for a home loan. You may also evaluate your different financing options by using our interactive calculators and going over various mortgage scenarios.
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See All Mortgage CalculatorsConventional loans are home mortgages that are not backed or insured by the U.S. government, offered through private lenders, banks, and credit unions. They are the most common type of home loan and can be conforming (within federal loan limits) or non-conforming (jumbo loans).
Borrowers typically need a minimum credit score of 620, a stable income, and a down payment as low as 3% for conforming loans. Higher down payments (20% or more) allow borrowers to avoid private mortgage insurance (PMI).
Conventional loans provide more options for term length, loan amount, and property types. They often come with competitive interest rates for well-qualified buyers and greater flexibility compared to government-backed mortgages.
Conventional loans are mortgages not backed by the government, offered through private lenders and banks. They include conforming loans (meeting federal limits) and non-conforming loans (including jumbo loans).Tools to help you get started
Whether you're buying your first home or your dream home, we have a mortgage solution for you. Get your custom rate quote today.
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Our Secure Application takes about 7-10 minutes to complete, and is required for a "Pre-Approval." You will be contacted once your application is submitted.
Our mortgage calculators help you hone in on the loan options that are best for you. Calculate your mortgage payments, affordability, and more.
Explore various loan program options to find the right fit for you and your family. We support everything from fixed rate to adjustable rate mortgages.
Learn about the Loan Process end to end. We have made it our mission to help you at every step of the way so you get the best loan option available to you.
FHA Loans are government-backed mortgages insured by the Federal Housing Administration, designed to help buyers with lower credit scores and limited down payment funds achieve homeownership.
Eligibility for FHA loans is open to a wide range of borrowers, including first-time homebuyers and those with less-than-perfect credit. Applicants typically need a minimum credit score of 580 for a 3.5% down payment, or 500 for a 10% down payment.
FHA loans provide low down payment requirements, acceptance of lower credit scores, and competitive interest rates. These features help make homeownership accessible, especially for first-time buyers and those who may not qualify for conventional loans.### What Are FHA Loans?
FHA loans are mortgages insured by the Federal Housing Administration, designed to help buyers with lower credit scores and smaller down payments access homeownership.
Borrowers can qualify with scores as low as 580 for a 3.5% down payment and as low as 500 with a 10% down payment. FHA loans work well for first-time homebuyers and those with modest financial backgrounds.
FHA loans offer flexible credit requirements, lower down payments, competitive rates, and the potential to use gift funds or down payment assistance, making homeownership more attainable.
A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
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A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home that allows you to borrow against the equity you've built up in your property. Similar to a credit card, you can draw funds as needed up to your credit limit, and you only pay interest on the amount you actually borrow.
To qualify for a HELOC, you need available equity in your home—meaning the amount you owe must be less than your home's value. Most borrowers can typically borrow up to 85-95% of their home's value minus what they owe on their mortgage. Lenders also review your credit score, employment history, monthly income, and existing debts.
HELOCs offer flexibility—borrow only what you need, when you need it, and pay interest only on the amount borrowed. They typically feature lower interest rates compared to credit cards and personal loans, making them cost-effective for large expenses. During the draw period (typically 10 years), you can access funds multiple times, and many lenders offer interest-only payment options to keep monthly payments manageable.
With a HELOC from FIG Mortgages, you gain the financial flexibility to tackle your goals while leveraging the equity you've already built in your home.
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A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
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