Conventional loans boast great rates, lower costs, and home buying flexibility. They are the loan option of choice for about 60% of all mortgage applicants. Conventional loans are also known as conforming loans since they conform to a set of standards set by Fannie Mae and Freddie Mac. The following are highlights of this program.
- First -Time Buyer Programs are available.
- You can use a conventional loan to buy a primary residence, second home, or rental property
- Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
- Down payments as low as 3%
- No monthly mortgage insurance with a down payment of at least 20%
- Lender paid mortgage insurance programs are available. (Ask Us)
- Special Programs available to homeowners with low income and/or located in certain geographic markets. (Ask Us)