Traditional Loans
Stable, low-interest mortgage options.
Traditional loans are among the most popular choices for homebuyers. Backed by a federal government guaranty, these loans offer reliable benefits and consistent qualification standards.
What is a Traditional Conforming Loan?
- A mortgage backed by a federal guaranty to protect the lender if the borrower defaults
- Stability offered through fixed interest rates and longer repayment periods
- Clear federal guidelines that apply across all lenders
- Maximum loan amount just over $1 million; higher loans face stricter standards
Key Benefits
- Fixed-rate lock with amortization terms up to 30 years—far longer than many other loan types
- Lower interest rates due to repayment guarantees by agencies of the federal government
- Uniform qualification guidelines across all lenders with generally no lender-specific additional requirements
Eligibility
- At least two years of consistent employment in the same field
- Business owners (owning more than 25%) must show income from salary and company profits on recent tax returns
- Down payment and reserve funds must be verifiable in the borrower’s accounts for two full statements
- A credit score in the low to mid 600s is typically required
Oaktree Mortgage LLC | NMLS ID: 1618618 (www.nmlsconsumeraccess.org) | © 2024 | Contact Us Today | Privacy Policy | Terms Of Use
Any rates advertised herein by Oaktree Mortgage LLC dba Oakstreet Capital NMLS ID#: 1618618 www.nmlsconsumeraccess.org are only available to qualified borrowers. Additionally, the stated rate and APR may change or not be available at the time of loan commitment or lock-in. Oakstreet Home Loans LLC dba Oakstreet Capital is not affiliated with, or an agent or division of, a governmental agency or depository institution. Refinancing of exiting liens, even at lower rates may result in higher total finance charges over the life of the loan. Any pre-approvals referenced herein are not approvals and are only available after prospect application has been submitted to lender and approved by its automated underwriting system or manual underwrite. Terms and conditions of pre-approvals will be promulgated on all pre-approvals provided. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.