Let’s delve into the world of Conventional Home Loans in Texas and explore why Ace Home Mortgage stands out as an excellent choice for your home loan needs.

Conventional Home Loans in Texas

A Conventional mortgage loan is a type of home loan that isn’t backed or insured by the federal government. Instead, these loans adhere to guidelines set by Fannie Mae and Freddie Mac and are often referred to as “conforming” mortgages. Here are some key points about conventional loans:

1.    Eligibility Criteria:
   •    Credit Score: Generally, a minimum credit score of 620 is required.
   •    Debt-to-Income Ratio (DTI): Typically, a DTI below 43% is preferred, although this can vary based on other          qualifying factors¹.
2.    Benefits of Conventional Home Loans:
   •    Flexibility: Conventional loans offer more flexibility in terms of loan amounts, repayment options, and property          types.
   • Lower Mortgage Insurance Costs: If you make a down payment of 20% or more, you may avoid paying for private mortgage insurance (PMI), resulting in significant savings over the loan term.
   • Competitive Interest Rates: Conventional loans often have lower interest rates than government-backed loans, especially for borrowers with good credit.
   • No Upfront Funding Fee: Unlike VA and FHA loans, there’s no upfront funding fee with conventional loans¹.
3. Ace Home Mortgage:
   • Why Choose Ace?: Ace Home Mortgage is committed to providing personalized service and helping you find the best loan solution.
   • Conventional Expertise: With substantial experience in residential lending, Ace specializes in conventional loans.
   • Partnerships: Ace has formed partnerships with real estate agencies like Keller Williams, Magnolia Realty, All Cities Realty, and Coldwell Banker.
   • Cost-Effective Choice: If you’re financially secure, opting for a conventional loan through Ace may be a cost-effective decision¹.

Remember, when choosing a home loan, consider your priorities:

• Do you want the lowest interest rate?
• Are you looking for a smaller down payment?
• Do you prefer no mortgage insurance?
• Are you considering an extra-large loan?

Ace Home Mortgage can guide you through the process and help you make an informed decision. Whether you’re in Dallas-Fort Worth, Midland, or Houston, Ace is here to assist you on your homebuying journey.