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Let's help make things clearer.
A conventional mortgage is a home loan that is not insured or guaranteed by the federal government. It typically requires a higher credit score and larger down payment than government-backed loans.
Interest rates vary based on market conditions, your credit score, loan type, and other factors. Contact us for current rates tailored to your situation.
Credit requirements vary by loan type. Conventional loans typically require 620+, while FHA loans may accept scores as low as 580. We can help you find options for your situation.
Conforming loan limits are set annually by the FHFA. For 2024, the limit is $766,550 in most areas. Higher limits apply in high-cost areas. Jumbo loans are available above these limits.
Down payment requirements range from 0% (VA loans) to 3% (some conventional) to 3.5% (FHA) or 20%+ to avoid PMI. We'll help you find the best option for your budget.
Typically you'll need: pay stubs, W-2s, tax returns, bank statements, ID, and employment verification. Self-employed borrowers may need additional documentation.
Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down. It can be removed once you reach 20% equity through payments or home appreciation.
Yes! Most loan programs allow gift funds from family members for down payment and closing costs. A gift letter documenting the source is required.
Most lenders prefer a DTI of 43% or less, though some programs allow up to 50%. DTI is calculated as your monthly debt payments divided by gross monthly income.
The typical mortgage process takes 30-45 days from application to closing. Pre-approval can be obtained in as little as 24 hours with complete documentation.
Why choose LitFinancial?
Experience Matters
When it comes to loan officers, we are experienced experts and take pride in leveraging our knowledge to help you every step of the way.
Relentlessly Seeking Solutions
We are committed and passionate about helping borrowers find their best financial fit. We tap our trusted network to look at any and all options.
Advising You Like You’re Family
We are a mortgage partner that takes the time to listen to your needs and goals. We care about each client that tailor our advice for your best outcome.
We Are Your Advocate
Our loan officers are advocates throughout your lending journey. From finding the right mortgage plan, to proactively engaging with key stakeholders on your behalf.
Lit For Life
Our approach to advising is finding the best solution for each client’s life. We will also be there as your needs change through different life stages.
Leading the Industry
We are constantly modernizing lending models, streamlining treasury operations, and increasing transparency across mortgages. This allows us to bring innovative products and better service to you.
Tim Barry, CEO
“I make money make sense. Whether it's buying your first home or tapping into equity, I help clients find smart, stress-free mortgage solutions that fit.”