Conventional loans are generally a good fit for most borrowers who do not have any special circumstances and have good credit. Qualifying for a conventional loan typically provides you with a more favorable interest rate and loan terms as a result of your better credit rating.
Since there is such a wide variety of conventional loans, the requirements vary. Whether you are financing an owner-occupied home, second home or investment property, we can provide you available rates and minimum down payments requirements. If you’ve had any bankruptcies or foreclosures in the past 7 years, an FHA or specialty loan might provide a better option than a conventioal loan.
Conforming loans are conventional loans that meet all the minimum underwriting requirements of Fannie Mae (FNMA) or Freddie Mac (FHMLC). Regardless of who the final investor is, if the loan is saleable to FNMA or FHLMC, it “conforms” to their standards and is therefore a conforming loan.
Any conventional loan that is not saleable to Fannie Mae or Freddie Mac is considered non-conforming in that it does not conform to GSE standards. Non-conforming loans are not necessarily considered high-risk or non-prime loans, though non-prime loans would be considered non-conforming.
| Down Payment % | 0% | 3.50% | 5% | 10% | 20% |
| Down Payment Amount | |||||
| Loan Amount | |||||
| Available Loans | VA USDA FHA Bond |
FHA | FHA Conventional |
FHA Conventional Jumbo 2nd Chance |
FHA Conventional Jumbo 2nd Chance |
| Principal & Interest |
Contact us today and we can discuss your options and find a program that is perfect for you.