Conventional Home Loan Advantages

A “conventional mortgage” simply refers to any mortgage loan that is not insured or guaranteed by the federal government. Whether you are purchasing a new home or refinancing a current home, a conventional loan from Magnolia Bank in Columbia, MO might be the right loan for you, depending on total loan to value, fico score and debt-to-income rates. Interest rates on conventional loans in Columbia, MO and across the United States vary depending on credit score and down-payment, but conventional home loans have the potential for the most competitive rates and closing costs.

Are you looking to buy vacation homes or investment properties?
Are you looking for low or no private mortgage insurance?
Are you looking purchase property for your children to live in while attending college?
Are you looking to buy a new home or refinance a current home?

If you answered “Yes” to any of these questions, Magnolia Bank in Columbia, MO is the perfect mortgage lender for you. Call Magnolia Bank today, or fill out the form on the side to get in contact with one of our loan officers.

What is a conventional loan?

Any loan that is not guaranteed by the federal government, such as FHA loans or VA loans.
Maximum loan amount allowed for a conventional conforming loan varies from county to county. In high-cost areas, the limit can reach $625,500.
Interest rates for conventional loans vary depending on credit score and down payment.
Choice between fixed and adjustable rates.
Terms available from 10 to 30 years.

Conventional Loan Requirements & Qualifications

Debt-to-income ratio – Standard debt-to-income ratios are 28/36 for Conventional loans.
Down Payment – Conventional loans require the home buyer to invest at least 5-20% of sales price in cash for the down payment.
Credit scores – Conventional credit standards are flexible, but a FICO score of 620 or above is very helpful in obtaining approval.
Documentation – When applying for a qualified mortgage, you will need documentation of your income.

Google Rating

5.0

Community First Home Loans

Max Prokell

20:58 25 Aug 16

Bobby and his team at Community First Home Loans are great. They take the time to help you find the best home loan options for you, and they do a fantastic job explaining all of your options. I HIGHLY RECOMMEND them to anyone looking for a home loan. Thanks for everything!

jagormanmo

20:41 23 Aug 16

On the contrary, to whoever wrote this childish review about Richie & Bobby, you evidently were gooned out when you wrote this. These men have worked so long & hard for me, getting my loan to go through. I can't even imagine them associating themselves with a "little boy" kind of guy that would write something so childish. You need to go back to school and learn how to Try to put down such hard workers in an adult manner. Grow up young man. I mean't little boy. Jean M.

Brandon Mushlin

19:53 23 Aug 16

I've worked with Richie Duncan in various capacities since 2001. What I know him most for is his straight forward, no time wasting approach with clients, service providers and industry experts. He has been in the industry over 18 years, and he is one of the last I know that will roll up his sleeves to go the extra mile for those clients in tougher situations or with harder credit. Richie continues following up with clients over the years, and his relationship the last 5+ years as a 50 state banker means he is able to help more people that have been put on the back burner. I know many top banks who send him their turn-downs and he is able to work with the client to put them in a loan and great rate. He never pushes you off to an assistant, call it control, or call it an expert wanting to serve his clients, either way, the end result is having a personal advocate in a world that has seen un-trust within the industry. He's rode the industry roller coaster and continues this career for his love of people getting the loan they desire, and his love of the industry, regardless of the continuous changes that come. Richie stays educated and in the know so he can keep you in the know. He has loan options down to a 530 FICO Score for 100% on a purchase or cash out refinance, doing a loan like this takes time, but the programs are available. So please, if you are frustrated, upset with your last experience or are looking for a Mortgage Banker that will always take your calls, then reach out to Richie at Community First National Bank.

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