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Conventional offersfixed or adjustable ratemany down payment optionslower cost than governmentall types of properties.

"Conventional" just means that the loan is not part of a specific government program.

A conventional mortgage is a home loan that isn’t backed by a government agency, such as the FHA or VA. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and they often conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

Conventional Home Loan Program Overview

Primary Residence, 3% down payment only. Up to $484,350.00

  • 3% minimum Down Payment.
  • Monthly Mortgage Insurance can be waived when borrower pays a one-time Premium upfront, along with their Closing cost and places 5% down payment.
  • 640 Min Credit Score.
  • First time home buyer ok.
  • Loan Amounts up to $484,350.00
  • Fixed rates and terms
  • No prepayment penalties
  • Escrows can be waived w 5% Down payment
  • Purchase and refinance transactions
  • Rates start in the 3%’s
Conventional loans are often referred to as “conforming loans,” because they meet the guidelines set by Freddie Mac and Fannie Mae.

The most notable guideline is that the maximum loan amount is $484,350 (except in high-cost areas where higher limits may be available).