Conventional Mortgage Loans
Your Path to Homeownership
Start Your Journey from Hunting to Keys
Get the right home loan for your family with competitive rates, your choice of terms, and low or no down payment.
*Minimum down payment required from buyer: 3% of total purchase price. Required down payment may be higher based on qualifications and creditworthiness. Loans are subject to credit qualification and approval. Financing options and promotional offers/programs are subject to change. Other restrictions may apply. Mortgages by Red River Employees Federal Credit Union.
CONVENTIONAL HOME LOANS COME WITH THESE BENEFITS:
 Terms to Suit You | Competitive Rates |
Low Down Payment | Trusted Local Team |
CONVENTIONAL HOME LOAN FEATURES
A conventional mortgage loan is a flexible option to help you get an affordable monthly payment so you can quickly realize your homeownership dreams.
- Terms that fit your budget, including fixed and variable rates
- No upfront mortgage premiums
- No Private mortgage insurance (PMI) needed
APPLYING FOR A CONVENTIONAL HOME LOAN IS SIMPLE!
1. | Apply OnlineUse our secure online application portal to fill in your personal and financial details. | 2. | Get Pre-QualifiedWe’ll review your application. If pre-qualified, we’ll agree on a loan amount and rate. | 3. | Find a Home!After you make an offer, we'll guide you through the closing process and help you start payments. |
“I love my credit union because the staff is always friendly, and very knowledgeable. They always assist me in a courteous, and professional manner, but the thing I like most is that they always treat me like a person, and not a number!!” -- Darius S., Batesville, MS
"I have had the most excellent experience when dealing with this specific branch. The employees I communicated with were attentive, thorough and VERY polite. They walked me through each process and I never felt like I was “in the dark” when it came to the requests and problems I came to them with. I’d rate it 10/10 if I could! -- Shelbie M., Sulphur Springs, TX
"Outstanding service. My loan officer Mrs. Kayla White really cares for you and your financial growth. I have learned a lot over the three plus years I have been with her at RRFCU. Thank U so much!" -- Jeanette B., Texarkana, TX
Conventional Mortgage FAQs
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What's the difference between a conventional home loan and other types of home loans?
A conventional home loan is the standard kind of mortgage you get from a private lender, like your local credit union. This kind of mortgage comes with a range of terms to suit your budget and you can choose if your interest rate is fixed or adjustable.
In contrast to conventional home loans, Veterans Affairs (VA) loans are partly insured by the federal government to make homeownership more accessible for certain groups.
VA loans may need a lower down payment (or zero down payment) and may accept lower credit scores than conventional home loans. However, the appraisal guidelines for VA loans are stricter than for conventional loans and you need to meet certain criteria to apply.
You must be a qualified veteran, reservist, active-duty service member or qualifying military spouse to get a VA loan.
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What interest rate will I get for my mortgage?
The APR* you get will depend on several factors including your credit, the term you choose, and whether you choose a fixed-rate or adjustable-rate (ARM) mortgage.
- Higher credit scores get lower interest rates
- Shorter loan terms can get lower interest rates
- An adjustable-rate mortgage (ARM) usually has a lower initial rate than a fixed-rate mortgage
- ARMs later adjust with the market, while fixed-rate mortgages stay the same for the life of the loan
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What term should I choose for my home loan?
The term you choose has a big impact on your mortgage loan payment.
- A 30-year fixed-rate mortgage is a popular choice because it allows for an affordable monthly payment.
- If you have a higher down payment and income, you could choose a shorter term to save money on interest.
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What kind of property can I buy with a conventional mortgage?
You can use an RRCU mortgage to finance a range of property types, including:
- 1-4 Family Residence
- Land Only
- Investment Property
- Second Homes
- Double Wide Manufactured Homes (Permanently attached to the property)
- New Construction Property
- Home Equity Loans
- Home Improvement Loans
Other Mortgage Options
Home Equity Loans
Home equity loans let you borrow against the value of your home to fund major expenses or consolidate debt. They offer flexible terms, competitive rates, and no maximum limit—only Texas properties require a $50,000 minimum.
VA Loans
Backed by the VA, military personnel who qualify for this loan can get affordable rates with no down payment, and closing costs are often included in the purchase price.
Mortgage Calculators
Use our handy calculators to see what purchase price and mortgage payment works best for you and your family, no matter what home loan you get.