CONVENTIONAL LOANS: THE SMART CHOICE FOR GEORGIA HOMEBUYERS

Conventional mortgages are the most common way to finance a home in Georgia. Because they aren't insured by the federal government, they offer more flexibility in property types and terms, making them the preferred choice for buyers with strong credit profiles looking for long-term savings.

THE BENEFITS OF CONVENTIONAL FINANCING

Choosing a conventional loan through Pure Lending allows you to take advantage of lower overall costs and greater long-term flexibility compared to government-backed options.

No Upfront Mortgage Insurance: Unlike FHA loans, you can save more at the closing table without hefty upfront premiums.
Cancelable PMI: Private Mortgage Insurance is removed once you reach 20% equity in your home, lowering your monthly payment automatically.
Property Versatility: Conventional loans are the primary choice for primary residences, second homes, or investment properties throughout Georgia.
Competitive Interest Rates: For buyers with solid credit, conventional loans offer some of the most attractive interest rates in the current market.

DO YOU QUALIFY?

While conventional loans require a slightly higher credit profile, they reward the investment with better long-term terms and financial freedom.

Credit Score: A minimum credit score of 620 is typically required, though higher scores unlock the most competitive rates.
Down Payment Options: First-time buyers can put down as little as 3%, while 5% to 20% is common for repeat buyers.
Debt-to-Income (DTI): We generally look for a DTI ratio of 43% or lower, ensuring your new mortgage fits comfortably in your budget.
Georgia Loan Limits: The loan amount must fall within the conforming limits set by the FHFA for your specific Georgia county.

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