Conventional loans are very popular these days and it seems that every bank or lender is offering conventional loans for home loans and refinancing. Despite the immense popularity of conventional credit, finding real or genuine conventional credit is like looking for a needle in a haystack.
The reason conventional credit is hard to find is because banks and lenders follow more stringent guidelines. These additional guidelines for lenders or banks are often referred to as investor or lender layers. You can get a “conventional home loan in Virginia via Team Piero Cornejo” (which is also known as prstamo hipotecario convencional en Virginia a travs del equipo Piero Cornejo in the Spanish language) at a good interest rate.
If you're looking for a mortgage loan to buy or refinance a home and talk to a loan officer, try this exercise. Ask the loan officer what the minimum FICO score a borrower should have for a traditional loan.
After the loan officer has answered your question about traditional FICO minimum loan requirements with each FICO score, they will tell you that the loan officer works for a lender or bank that has layers because the minimum score requirement is layers.
Of course, the FICO score is only the beginning of your frustration, pain, and grief. There are more layers to every possible situation you can think of, and then some. Like games where the rules are constantly changing, overlays can be frustrating, but worse, this isn't a game anymore. This is your life, your family, your finances and your home!
Whether you're refinancing your mortgage or needing a home improvement loan, find a lender that doesn't overlap and your mortgage lending process will be much less stressful.