CONVENTIONAL-LOANS-ARIZONA

CONVENTIONAL LOANS

What is a Conventional Loan?

A Conventional Loan is a type of mortgage not backed by the federal government, unlike FHA, VA or USDA loans. It follows the guidelines set by Fannie Mae and Freddie Mac. These loans can be conforming or non-conforming, with conforming loans adhering to loan limits. For a single-family home, the typical loan limit is $647,200, though it can be higher in certain counties. For multi-family properties, the limits are higher, but the loan is still considered conventional if it meets other criteria.

Conventional loans are popular for first-time homebuyers, self-employed individuals, and real estate investors. They offer competitive interest rates and flexible terms, including options for renovation loans, construction loans, or fix-n-flip projects. Whether you’re looking to refinance, purchase a vacation home, or invest in real estate, a conventional loan may be the best option. Consult a mortgage broker or lender to explore financing options.

NEXA Mortgage, LLC offers conventional fixed rate loans, adjustable rate loans and interest only loans:

Fixed Rate

A fixed rate loan offers a stable mortgage with a consistent payment throughout the loan term, whether it’s 30, 25, 20, 15, or 10 years. This makes it a great choice for first-time homebuyers or those planning to stay in the home long-term. If you’re purchasing a vacation home, real estate investment, or refinancing your existing mortgage, a mortgage broker or lender can help you explore fixed rate options. Self-employed borrowers, veterans, and those seeking renovation loans or construction loans can also benefit from this predictable financing option.

Adjustable Rate

An adjustable rate mortgage (ARM) offers a lower initial mortgage rate compared to a fixed rate loan, making it an attractive option for buyers who plan to own the property for a shorter period. The interest rate remains fixed during the introductory period, typically 3, 5, or 7 years, after which it adjusts based on market conditions. These adjustments occur at predetermined intervals, usually every six months, and are subject to caps, limiting how much the rate can change. An adjustable rate loan is ideal for first-time homebuyers, veterans, self-employed individuals, or those seeking to purchase a vacation home or real estate investment property, who don’t plan to stay in the home long-term. Whether you are looking to refinance, finance a fix-n-flip, or secure a construction loan, a mortgage lender or mortgage broker can help you assess your financing options. This type of loan can be especially useful for small business owners and those looking at multiple units.

Interest Only

An interest-only loan allows you to pay only the interest on the loan’s principal balance for a set period, typically 5 or 10 years. During this time, the principal balance remains unchanged, and your initial mortgage payments are lower. After the interest-only period ends, the loan is amortized over the remaining term, typically 20 or 25 years. This type of loan can be beneficial for first-time homebuyers, self-employed individuals, or those looking for more flexibility with lower payments in the early years. Whether you’re purchasing a vacation home, refinancing, or investing in real estate, an interest-only loan offers a financing option. A mortgage broker or mortgage lender can help assess this option, especially for those financing real estate investments, multiple units, or considering a renovation loan or construction loan.

The Details are Important

Loan to value ratios are often overlooked by homebuyers. For most, the interest rate and loan term are the more important items. However, the loan to value ratio is a key factor in your application. Loan to value ratios vary depending on the type of property you are looking to purchase.

If your purchase is for a property that is a two-family, three-family or a four-family residence, please call Nexa Home Mortgage to receive the maximum loan to value ratios.

Please reach out to me with any questions. My goal is to make this a 5-star experience for you!

Ready to Buy?

See if you qualify

Conventional Loan

John S. Lasater

Mortgage Loan Originator

Schedule a Phone Call With Me

NMLS#

607994

Cell

Email

JLasater@NEXAmortgage.com

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2025 | NEXA Mortgage LLC.
Licensed In: AR,MO,OK, NMLS # 607994 | NMLS ID 1660690 | AZMB #0944059
Corporate Address : 3100 W Ray Rd STE 201, Office 209 Chandler, AZ 85226

John S. Services all of

Arkansas, Missouri, Oklahoma

Banks Fight For Your Business
As brokers, we shop your scenario with 30+ lenders to get you the best rate.
No Lender Fees
We don't charge any lender fees, saving you on average $1,600 over retail banks.
Won't Impact Credit Score
We make sure the numbers work before running your credit.

Step 1 of 3

State
State