5-Star Google Review for Brightwire:

Five Stars
“My loan was cleared for closing in only 12 days and I skipped two payments.
The whole process could not have gone any smoother/better!” - Teaneck Resident

What is a conventional loan?

A conventional loan is any mortgage that is not insured or guaranteed by a government entity (FHA, VA, or USDA). Conventional loans with the best interest rates and terms are also classified as ‘conforming’ loans. Conforming Loans adhere to a standard set of mortgage underwriting guidelines that have been created by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). Conforming Conventional mortgages represent about 80% of all US mortgages and will typically offer the lowest monthly payment, closing costs, and APR vs. all other loan types.

How do I qualify for a conventional loan?

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  • Have Excellent, Good, or Fair Credit (credit score above 639 with at least 5% down payment).
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  • Have at least 3% of the purchase price available for down payment (and a credit score of 680 or higher).
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  • Have a minimum of two years employed in the same industry.
  • What else should I know about a Brightwire conventional loan?

  • Brightwire conventional loans are available for primary residences, investment properties, second homes, 1-4 unit multifamily properties, and condominiums.
  • Brightwire offers exclusive first-time homebuyer programs with reduced interest rates and PMI costs.
  • All conventional loans with 20% or less down payment require Private Mortgage Insurance (PMI). Brightwire has 3 options for paying PMI:
    1. • Pay all your PMI up front or in one lump sum.
    2. • Pay your PMI monthly along with your mortgage.
    3. • Choose a no PMI loan at a higher interest rate.
  • Brightwire closes conventional loans in 20 days or less.
  • The loan term for your mortgage can be any number of years between 7 and 30 (The most popular are 30 and 15 years).
  • We also have 5, 7, and 10 year Adjustable Rate Mortgages (ARMs) available.