CONVENTIONAL HOME LOANS

Conventional Loans.
The Flexible Choice.

One of the most versatile ways to finance a home in Texas. Conventional loans offer flexible down-payment options and financing solutions for primary homes, second homes, and investment properties.

At a Glance

3% DOWN

Low down-payment options may be available for qualified buyers.

PMI

Private mortgage insurance may be removable when applicable requirements are met.

FLEXIBILITY

Options may be available for primary homes, second homes, and investment properties.

The Basics

A conventional loan is a mortgage that isn't insured or guaranteed by a government agency such as FHA, VA, or USDA. It offers qualified Texas buyers a wide range of financing options and flexibility.

Good to Know

You don't need 20% down to use a conventional loan. Depending on the program and your qualifications, lower down-payment options may be available.

Qualification

There's no single number that determines whether you qualify. We look at your overall financial picture to help determine which conventional options may fit.

Credit Profile & History

Your credit history can affect qualification, pricing, interest rate, and mortgage insurance.

Income & Employment

Your qualifying income and employment history help determine the loan amount and payment you may qualify for.

Debt-to-Income Ratio

Your existing monthly obligations are considered along with the proposed housing payment and qualifying income.

Assets & Down Payment

Available funds for your down payment, closing costs, and any required reserves are considered during qualification.

Benefits

Conventional financing offers flexibility that can make it a strong option for many Texas homebuyers.

Low Down-Payment Options

Qualified buyers may have conventional options requiring considerably less than 20% down.

PMI May Be Removable

When private mortgage insurance is required, it may be removed once applicable requirements are satisfied.

More Property Options

Conventional financing may be available for eligible primary residences, second homes, and investment properties.

Flexible Financing

Multiple loan terms and program options give us more ways to structure financing around your goals.

LOAN COMPARISON

Compare
Your Options

Conventional financing can be a great choice, but it isn't automatically the best option for every buyer. Comparing programs can help you see which financing best fits your goals.

Clear, transparent lending structures designed to help you secure the ideal loan for your situation.

Loan Program Comparison

Conventional vs. FHA: Compare down payment, credit profile, mortgage insurance, and overall monthly payment.

Conventional vs. VA: Eligible veterans and service members may want to compare conventional financing with VA loan benefits.

Conventional vs. USDA: For eligible properties and borrowers, USDA financing may provide another low-down-payment option worth comparing.

FAQ

Have questions about conventional financing? Here are a few of the questions Texas homebuyers ask us most often.

How big does my down payment need to be?

You don't necessarily need 20% down. Some conventional programs may allow qualified buyers to purchase with as little as 3% down, depending on program requirements.

What down payment is needed to avoid mortgage insurance?

Private mortgage insurance is generally not required when the loan-to-value is 80% or less at closing. Other requirements may apply.

Can first-time buyers use a conventional loan?

Yes. Conventional financing can be a strong option for first-time buyers, and certain programs are specifically designed to provide additional flexibility for eligible borrowers.

Are there financing options available with less than perfect credit?

Potentially. Qualification isn't based on one factor alone. We review your overall financial profile and can compare conventional financing with other available loan programs.

What happens after my mortgage application is fully approved?

Once the loan has received final approval and all closing requirements are satisfied, your closing documents are prepared and you'll move toward signing and receiving the keys to your new home.

Ready to Explore Your Options?

You don't need to know which loan program is right for you. We'll help you compare your options and find financing that fits your goals.

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1st Alliance Mortgage LLC - NMLS 1407 | 4438 State Highway 6 S, Ste. 201, College Station, TX 77845

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Notice To Texas Loan Applicants: Consumers wishing to file a complaint against a mortgage banker, or a licensed mortgage banker residential mortgage loan originator, should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov

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A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov