CONVENTIONAL HOME LOANS
THE HOME OF YOUR DREAMS IS WITHIN YOUR REACH
We offer fixed-rate and adjustable-rate mortgages for primary residences, second homes, and investment properties.
30-YEAR
RELIABLE, TRADITIONAL HOME FINANCING THAT'S CUSTOMIZED FOR YOU
With a conventional home loan, you can finance the home you’ve always wanted. We offer both fixed-rate and adjustable-rate loans with a range of terms, so you can choose the option that supports your financial goals. Here’s what we offer:
- Competitive rates
- Flexible terms
- 1-4 Units
- Variety of mortgage options
- Quick decisions
- Experienced team of local Mortgage Loan Officers
The Federal Housing Finance Agency sets limits for conventional home loans. In 2024, the limit for a single unit is $766,550. This limit can be up to $1,149,825 in high-cost regions. Limits change each year based on national home prices.
FINDING THE RIGHT HOME LOAN IS AS EASY AS 1-2-3
You can find the mortgage that works best for you in a few easy steps:
- Choose your mortgage advisor. We’re locals who know the market.
- Select a loan. Your advisor can help you explore your options.
- Share your details. Our online loan application is simple and easy.
MEET OUR MORTGAGE LOAN OFFICERS
Our loan experts are local to the Las Vegas Valley, available to answer questions, and ready to guide you.
TOM JONES
NMLS# 846028
tjones@silverstatecu.com
702.661.1143
CONVENTIONAL HOME LOAN FAQs
Yes, a down payment is required for a conventional home loan. In some circumstances, your down payment can be as low as 3%, but a 20% down payment is required to avoid private mortgage insurance (PMI). Your Mortgage Advisor can help you determine what will work best for your financial situation.
With a fixed-rate mortgage, your interest rate doesn’t change, so you pay the same the amount of principal and interest every month. However, your total monthly payment might change if your taxes or insurance costs change.
With an adjustable-rate mortgage, your monthly payment can change over time. Your interest rate is linked to an economic index, so it adjusts up or down as that index changes. If your rate goes up, then your monthly payment also goes up. If your rate drops, you’ll have a lower monthly payment.
When you apply for a mortgage, your credit score affects the interest rate you qualify for. With a higher credit score, you can usually qualify for a lower interest rate, which reduces your monthly payment and lowers the overall cost of the loan.
If you’re not sure what your credit score is, you can request a free copy of your credit score at https://www.freecreditreport.com/.
If you want to buy a home within the next few months, then it’s a good idea to get preapproved for a mortgage. Preapproval shows sellers that you’re serious about buying and you have the funds you need. If you’re looking for a home in a competitive market, getting preapproved can give you an advantage over other buyers.
EXPLORE OUR MORTGAGE OPTIONS
FHA Home Loans
Discover low down payments and flexible terms with our FHA loan options. Your key to affordable homeownership.
VA Home Loans
Discover the benefits of VA home loans for veterans and active-duty service members. Competitive rates and flexible terms.
Educators+ Homeownership Program
Unlock homeownership with specialized mortgage programs for teachers and staff. No down payment required.
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Mortgage Loan Rates can change at any time and without notice.
1The disclosed APR is based on the payment of 1.000 origination point. For example, a $400,000 loan with a 7.477% APR with a 360-month repayment term, the estimated monthly principal and interest payment is $2,763.
2Interest rate quoted assumes a purchase with 45-day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment amount may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Minimum credit scores apply. Not all applicants will qualify.
3Annual Percentage Rate (APR).
All loans are subject to credit approval, verification, and collateral evaluation. Other terms and conditions may apply, ask for details. Down payments as low as 3% available. For the 3% down payment option, at least one borrower must be a First Time Home Buyer, otherwise a minimum 5% down payment is required. A 20% down payment is required to avoid Private Mortgage Insurance (PMI). Silver State Schools Credit Union (NMLS ID#382004) is located at 630 Trade Center Drive, Las Vegas, NV 89119, and can be contacted at 702.733.8820. Our Mortgage Loan Origination Officers are licensed through the National Mortgage Licensing System (NMLS).
Membership eligibility is required. Must be a Silver State Schools Credit Union member to borrow. Membership at SSSCU requires a savings account with a minimum.
