{"id":16634,"date":"2024-07-08T22:28:22","date_gmt":"2024-07-08T22:28:22","guid":{"rendered":"https:\/\/www.hopecu.org\/?post_type=product&p=16634"},"modified":"2025-06-26T13:09:20","modified_gmt":"2025-06-26T17:09:20","slug":"conventional-loans","status":"publish","type":"product","link":"https:\/\/www.hopecu.org\/product\/mortgage-loans\/mortgage-loan-options\/conventional-loans\/","title":{"rendered":"Conventional Loans"},"content":{"rendered":"\n
\n
\n

While these loans may require better credit histories and scores, they can offer lower rates and fewer fees.<\/h2>\n<\/div>\n\n\n\n
\n
\n

HOPE has lots of experience in making these types of loans to a wide variety of borrowers.<\/strong><\/h2>\n\n\n\n
<\/div>\n\n\n\n

What Is a Conventional Loan?<\/strong><\/h2>\n\n\n\n

A conventional loan is a home mortgage not insured or guaranteed by the federal government. These loans are often a good fit for buyers with strong credit and stable income. With a conventional loan, you have more options when it comes to the type of property you buy and the loan terms you choose. Whether purchasing your first home, refinancing, or looking for a bigger space, a conventional mortgage with HOPE can make homeownership happen.1<\/sup><\/p>\n\n\n\n

<\/div>\n\n\n\n
\n
Get Started<\/a><\/div>\n\n\n\n
See Our Rates<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

Benefits of Choosing a Conventional Loan with Hope Credit Union (HOPE)<\/strong><\/h2>\n\n\n\n

When you choose HOPE for your mortgage, you’re not just getting a loan; you\u2019re getting a partner committed to your success.<\/p>\n\n\n\n

Competitive Interest Rates<\/strong><\/h3>\n\n\n\n

Our conventional loans come with competitive interest rates that help keep your monthly payments affordable. That means more money stays in your pocket, helping you build financial stability.<\/p>\n\n\n\n

Flexible Loan Terms<\/strong><\/h3>\n\n\n\n

Every member\u2019s journey to homeownership is unique. That\u2019s why we offer repayment plans up to 30 years on conventional loans, allowing you to choose a mortgage that fits your budget and goals.<\/p>\n\n\n\n

How Much Do I Have to Put Down for a Conventional Loan\u200b?<\/strong><\/h2>\n\n\n\n

With a conventional loan at HOPE, you typically need a down payment of at least 3% of the home\u2019s purchase price.<\/p>\n\n\n\n

If you\u2019re able to put down 20% or more, you can avoid the cost of private mortgage insurance (PMI), helping you save even more over time.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\n
Calculate Your Mortgage<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n\n\n\n

What Is the Difference Between a Conventional Loan and an FHA Loan<\/strong><\/h2>\n\n\n\n

Conventional loans and FHA loans<\/span><\/a> are both popular paths to homeownership, but they work a little differently.<\/p>\n\n\n\n