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A Versatile Home Loan with Flexible Terms
Conventional Loans follow Fannie Mae & Freddie Mac guidelines and provide low-cost financing for a wide range of buyers.
Down Payment as Low as 3% – First-time buyers qualify with just 3% down
No Upfront Mortgage Insurance – Unlike FHA loans, no large upfront fees
Fixed & Adjustable-Rate Options – Choose a 10, 15, 20, or 30-year term
Available for Primary, Second Homes & Investment Properties – More financing flexibility
Loan Limits up to $766,550 – Higher limits in high-cost areas
Flexible Financing for Homebuyers, Homeowners & Investors
Conventional Loans are ideal for borrowers with solid credit and stable income who want low costs and flexible terms.
First-Time Homebuyers – Access low down payment options
Repeat Buyers – Upgrade or move with a conventional loan
Homeowners Looking to Refinance – Lower your rate, remove PMI, or pull cash out
Real Estate Investors – Finance rental properties & second homes
Buyers with Strong Credit (620+) – Qualify for the best rates and terms
Lower Long-Term Costs & More Financing Flexibility
Conventional loans provide customized home financing options with fewer restrictions and long-term savings.
Lower Down Payment Options – Start with as little as 3% down
No Private Mortgage Insurance (PMI) with 20% Down – Save on monthly costs
Competitive Interest Rates – Great rates for qualified borrowers
More Property Types Eligible – Use for single-family, multi-family, condos & second homes
Higher Loan Limits – Up to $766,550 (higher in high-cost areas)
What is a Conventional Loan?
A conventional loan is a mortgage that is not backed by the government (like FHA, VA, or USDA loans). It is typically offered by private lenders and follows guidelines set by Fannie Mae and Freddie Mac. These loans come in fixed-rate and adjustable-rate options and can be used for primary residences, second homes, and investment properties.
What Are the Benefits of a Conventional Loan?
Competitive interest rates for borrowers with strong financial profiles
Low down payment options, starting as low as 3% for first-time buyers
No upfront mortgage insurance required (unlike FHA loans)
Ability to finance second homes and investment properties
Flexible loan terms ranging from 10 to 30 years
Who Qualifies for a Conventional Loan?
To qualify for a conventional loan, borrowers typically need:
A stable income and employment history
A debt-to-income (DTI) ratio within lender guidelines
A minimum down payment of 3% (for first-time buyers) or 5% (for repeat buyers)
Ability to meet property appraisal and title requirements
How Does a Conventional Loan Work for a Purchase?
The home-buying process with a conventional loan follows these key steps:
Pre-Approval – Determine how much you qualify for before house hunting
Home Search & Offer – Find a property and make an offer
Loan Processing & Underwriting – The lender verifies your income, credit, and assets
Appraisal & Title Review – Ensure the home meets value and ownership requirements
Loan Approval & Closing – Sign final documents and get the keys to your home
How Do Conventional Loan Refinances Work?
There are two main types of conventional loan refinances:
Rate & Term Refinance – Lower your interest rate or change your loan term to reduce monthly payments or pay off your mortgage faster.
Cash-Out Refinance – Access your home’s equity by borrowing more than what you owe, using the funds for renovations, debt consolidation, or other expenses.
What Is a Conventional Streamline Refinance?
Unlike FHA and VA loans, conventional loans do not have a government-backed Streamline Refinance program. However, many lenders offer reduced documentation refinance programs that allow you to refinance with:
No appraisal (in some cases)
No income verification (if eligible)
Minimal paperwork for faster loan approval
How Do Interest Rates Work for Conventional Loans?
Floating Interest Rate – Your rate moves with the market until you decide to lock it in.
Rate Lock – Protects your rate from market changes for a set period (usually 30-60 days).
Factors That Affect Your Rate:
• Loan amount & down payment
• Loan term (15, 20, or 30 years)
• Market conditions & Federal Reserve rate movements
What Are the Credit & Property Appraisal Requirements?
Credit score requirements vary by lender, but stronger credit typically leads to better rates.
An appraisal is required to confirm the property’s value.
If refinancing, the appraiser will evaluate current market value based on recent sales.
Homes must meet minimum condition standards to qualify for financing.
How Does Title & Vesting Work for Conventional Loans?
Personal Ownership – Most buyers take title in their personal name, offering flexibility.
Entity Ownership (LLC, Trust, etc.) – Some lenders allow properties to be vested in an entity, particularly for investment properties.
Title Insurance – Protects against legal claims on ownership.
What Insurance & Inspections Are Needed for a Conventional Loan?
Homeowners Insurance – Required to cover potential property damage.
Flood Insurance – Mandatory if the property is in a FEMA-designated flood zone.
4-Point Inspection – Required for older homes to assess roof, electrical, plumbing, and HVAC.
Wind Mitigation Inspection – Can lower insurance costs for homes in hurricane-prone areas.