3 Conventional Loan Advantages in Kansas City When it comes to mortgage loans, there is no one-size-fits-all option for every single homebuyer out there. So, it’s important to understand the advantages, especially when it comes to conventional loans. These 3 primary advantages include: • Higher loan limits – although conforming loans (loans that meet Fannie Mae and Freddie Mac underwriting guidelines) do have limits, you can be afforded a higher loan limit by applying for a “jumbo” conventional loan. • More flexibility for some borrowers – since they aren’t required to follow government guidelines with conventional loans, private mortgage lenders offer more flexibility than they do loans backed by the Federal Government. • Lower costs – with conventional loans, the higher your credit score the lower the interest rate you can qualify for. Furthermore, you can request that Private Mortgage Insurance (PMI) be removed from your monthly loan payment once your loan-to-value (LTV) reaches 80%. Conversely, PMI on FHA and USDA loans remains for the entire loan term. Despite the fact that conventional loans don’t provide you with some of the advantages that FHA, USDA, and VA loans do, they are the most common form of mortgage loans available today. Call the experts today for more insight. https://www.google.com/maps?cid=11762440658982302319