How Much Mortgage Do You Qualify For?
It's important to start the mortgage process with an understanding of just how much mortgage you can afford.
Read MoreConventional Loans
Flexible options, including 40-year mortgage or $0 down
A conventional loan doesn’t have to be one-size-fits-all. That’s why we offer flexible options designed to fit your needs, from $0 down payments to 40-year mortgages, so you can focus on what really matters—like where you’re going to put the couch.
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$0 Down Payment
Get into your new home faster, and use your savings for other moving costs.
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Flexible Options
Need something else out of your mortgage? We can help you find the right fit.
Learn MoreToday’s Conventional Loan Rates
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Frequently Asked Questions
What is a conventional mortgage?
A conventional mortgage is a type of unsecured home loan issued by private lenders like credit unions, banks, or mortgage companies. You'll typically pay a down payment ranging from 3% to 20%, but Arkansas Federal offers conventional mortgage options starting at $0 down. You'll then pay back the remainder of the loan in monthly installments for an agreed-upon loan term, anywhere from 15 to 40 years.
What are the down payment options?
The down payment for a conventional loan can be as low as $0 and as high as 20% of the loan total. Paying a higher down payment gives you more equity in your home from the jump. For low down payments, may need to pay Private Mortgage Insurance. Arkansas Federal offers several different types of home loan options with different solutions, and down payment options options as low as $0 depending on your needs.
What does pre-qualification mean?
Pre-qualification is the process of calculating how much house you can afford. Your lender will take information like your total debt, income, and assets, and use that to provide an estimate of the loan amount and home price you can afford.
What credit score is needed for a conventional loan?
A credit score of 620 is required to qualify for a conventional loan.
What does debt-to-income mean?
Debt-to-income (DTI) refers to all your monthly debt payments – things like loans, credit card bills, etc. – divided by your gross monthly income.
How do I apply?
You can get a quote on a conventional loan in just a few minutes online, talk with our mortgage lending team, or visit your local branch to learn more.
