Mortgage Miracles Happen is a mortgage broker for conventional mortgage loans. We lend in Utah, Arizona, Colorado, Florida, Idaho, Texas, Utah, Wyoming for home loan financing. We have low fees and great pricing for conventional loans, both purchase and refinance loans.
Conforming Loan Limits
Conventional loans have a maximum loan amount before it is considered a jumbo mortgage loan, which has slightly higher pricing and stricter guidelines. Each county in the country has a different dollar amount for what is a “conforming loan”. To look up what the loan limit is for each county for a conventional loan, you can check here: Conforming Loan Limits lookup tool.
Conventional Loan Guideline Requirements
The minimum requirement for a conventional mortgage is a 620 Middle Fico score.
To get the best interest rate on a conventional mortgage loan you need a Middle Fico Score of 740 or higher (This gets the best interest rates).
Down Payment / LTV Options
The Minimum Down Payment Required on Conventional Loans is 3% of the purchase price.
To only need 3% down, there are income limits.
We offer 3% Down, Conventional Mortgage Loans, (97% LTV) from both Fannie Mae Home Ready & Freddie Mac Home Possible 3% down loans.
If a conventional refinance loan, it is 97% LTV (Loan to Value) of the Appraisal (if you’ve owned the property a minimum of 12 months).
The next minimum down payment is 5% down. Many people buy a home with only 5% down for home loans.
For cash-out refinance loans, the maximum LTV is 80% of the Appraised value. The length of time to have owned the property is a minimum or 6 months.
As a mortgage broker, we work with many different lenders that specialize in and offer only home loans. We have special arrangements with national lenders that we produce volume loans and pass the savings on to our borrowers.
- We lend in Alaska, Arizona, Colorado, Florida, Idaho, Texas, Utah, Wyoming.