CONVENTIONAL LOAN

A conventional loan might be the best mortgage for you.

As one of the most popular mortgages, the conventional loan has a wide variety of options to fit your specific needs. Benefits include: 

  •  Low interest rates and fees  
  •  Availability for purchase or refinance  
  •  Flexible minimum down payment options  
  •  Mortgage insurance requirement dependent upon down payment amount

This loan program poses fewer hurdles than other mortgages so you could close faster.  

Contact us today to see how a Conventional loan can put your homeownership goals within reach... 

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What is a Conventional Loan?

A conventional home loan isn’t backed by the federal government and it conforms to the requirements set forth by Fannie Mae and Freddie Mac. Borrowers are typically required to provide a down payment of at least 3% (first-time home buyers), but if borrowers decide to put at least 20% down, they won't have to pay for mortgage insurance. Conventional loans are geared towards borrowers who can potentially make larger down payments, have a fairly secure financial standing, and are at a lower risk of defaulting on the loan.  

Requirements for a Conventional Loan

  • Down payments as low as 3% 
  • Qualify with a credit score as low as 620
  • Mortgage Insurance is required if down payment is under 20%
 Conventional Home Loan Calculator

Conventional Loan Highlights 

  • Relatively faster home loan processing
  • Generally better interest rates and loan terms.
  • Opportunity to reduce or avoid Mortgage Insurance Premium