As a Medford-based independent mortgage broker, Summit Lending Solutions helps borrowers across Southern Oregon and the Rogue Valley explore conventional financing, while continuing to serve Phoenix-area clients and borrowers in our other licensed states.
Conventional Loans
A conventional loan is a mortgage that is not backed by a government agency such as the FHA, VA, or USDA. Conventional loans are the most common type of mortgage in the United States and are offered by private lenders including banks, credit unions, and mortgage brokers like Summit Lending Solutions.
Conventional Loans
Craig Pribyl at Summit Lending Solutions is an independent mortgage broker licensed in 6 states. As an independent broker, Craig shops dozens of lenders to find you the most competitive Conventional Loans rate and terms. You get the expertise of a seasoned mortgage professional combined with access to a wide range of lenders.
Many conventional loan programs are available to qualified borrowers with credit scores starting around 620, though minimum score requirements vary by lender and loan program. Higher credit scores may qualify borrowers for more favorable loan terms and interest rates, depending on market conditions and individual qualifications. Craig works with borrowers across a wide range of credit profiles.
Qualified borrowers may be eligible for conventional loan programs with down payments starting as low as 3%, including certain first-time homebuyer programs such as Fannie Mae HomeReady® and Freddie Mac Home Possible®. Down payment requirements vary based on the loan program and borrower qualifications. A 20% down payment generally eliminates the requirement for private mortgage insurance (PMI).
Private Mortgage Insurance (PMI) is generally required on conventional loans with less than a 20% down payment. Eligible borrowers may request cancellation once certain equity requirements are met, subject to applicable laws and lender guidelines. Some lenders also offer lender-paid PMI options.
Educational Information Only: The information on this page is provided for general educational and informational purposes only and should not be considered financial, legal, tax, or lending advice. Loan programs, eligibility requirements, credit score guidelines, down payment options, debt-to-income ratios, mortgage insurance requirements, loan limits, interest rates, fees, and other loan terms vary based on lender guidelines, loan program, property type, market conditions, and individual borrower qualifications. Any credit scores, down payment amounts, loan limits, or other qualification examples shown are typical guidelines and are not guarantees or minimum requirements for every borrower or loan program. This information is not a commitment to lend, guarantee of loan approval, offer to extend credit, or promise of any specific interest rate, loan term, or financing option. Please contact us for a personalized mortgage consultation based on your unique financial situation.
