What is a Conventional Loan?
A Conventional Mortgage refers to any mortgage loan that is not insured or guaranteed by the Federal Government. They can be conforming and non-conforming loans. Conforming loans have terms and conditions that follow guidelines set by Fannie Mae and Freddie Mac.
- 620 Minimum FICO score required
- As little as 3% down payment required
- Available for purchase and refinance of primary and secondary residences, and investment properties
- May be combined with additional down payment assistance programs
- LTVs of 80% or higher required mortgage insurance
- Up to 3% seller credit to buyer closing costs is permitted
- Available for both Fixed and Adjustable Rate Mortgages and amount varies by county (call for details)