Conventional Loans
Flexible terms, competitive rates, and excellent options for Michigan buyers with good credit and stable income.
What is a Conventional Loan?
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, such as the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Department of Agriculture (USDA). Instead, these loans are typically backed by private lenders and often sold to government-sponsored enterprises like Fannie Mae or Freddie Mac.
Conventional mortgages are the most common type of home loan and offer some of the most competitive interest rates and flexible term options available on the market. They can be used for primary residences, second homes, and investment properties.
Best For Which Buyers?
- Strong Credit: Borrowers with a credit score of 620 or higher. The best rates typically go to those with scores above 740.
- Stable Income: Buyers with a reliable income history and a manageable debt-to-income (DTI) ratio.
- Down Payment Flexibility: Those who can put down at least 3% (for first-time buyers) to 20% to avoid Private Mortgage Insurance (PMI).
- Property Investors: Buyers looking to purchase a second home or investment property (which FHA and VA loans do not allow).
Key Benefits
- • Cancelable Private Mortgage Insurance (PMI) once you reach 20% equity.
- • Flexible term options (10, 15, 20, or 30 years).
- • No upfront mortgage insurance fee (unlike FHA).
- • Can be used for various property types.
- • Higher loan limits than many government-backed loans.
Why Work With Lake State Mortgage?
At Lake State Mortgage, we understand that financing your home is a major financial decision. As a local Michigan lender with decades of experience, our team provides personalized guidance tailored to your unique financial goals.
Michigan Expert
Deep understanding of the local housing market and loan programs across Grand Rapids and West Michigan.
Wholesale Rates
Shopping dozens of wholesale lenders to find the best rate for your situation.
Competitive Rates
Access to a wide variety of conventional loan programs to find the best rate for your situation.
5-Star Service
A commitment to clear communication and a stress-free closing process.
Fast Approvals
Streamlined processing to get your conventional loan closed quickly and efficiently.
Conventional Loan FAQs
What Our Clients Say
"Kevin Wildman of Lake State Mortgage and his assistant, Christina, are like a godsend!!!"
Kevin Wildman of Lake State Mortgage and his assistant, Christina, are like a godsend!!! From the very first day I spoke to Kevin and all the way through the process, he was very kind, humble, patient, professional, attentive... Shall I go on? They were with us every step of the way!
Robert Shipley
Zeeland, MI
"Very Customer Focused"
Kevin and his team were prompt, friendly, and very available, even off hours. His team members were extremely helpful, and helped us complete all documentation easily and quickly. They also answered questions outside their area to help us with closing.
Aaron R.
Spring Lake, MI
"Amazing Service"
Lake State Mortgage provided excellent service. Every member of the staff was courteous, thorough, and quick to assist us with every question or issue. They even helped us find an agent to provide a great home insurance premium. We closed with a VA loan in four weeks!
April Norcross
Grand Rapids, MI
"Investment Home - Refi (AWESOME LENDER!)"
We found Kevin and learned about our various options with refinancing the home in order to re-invest in another property. Kevin was incredibly helpful, resourceful and guided us through every step of the process. We are definitely using him for all our mortgage needs in the future!
Jo Gamrot
Muskegon, MI
"Purchase on a new home - Record time closing!"
Kevin and his team are amazing! They were efficient, and were able to close my mortgage for me in record time. I was with a different lender at first that gave misleading information and expectations that were never met. So I switched my mortgage to Kevin's office and it was smooth sailing!
L. Decker
Indian River, MI
"Seamless MSHDA Down Payment Assistance"
Lake State Mortgage helped us secure $10,000 in MSHDA down payment assistance as first-time buyers in Grand Rapids! Kevin Wildman and his team walked us through every requirement without making it feel overwhelming.
Michael & Sarah K.
Grand Rapids, MI
Ready to Get Started?
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