Conventional Loans

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.

  • 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%
  • Lower mortgage insurance costs than FHA
  • Mortgage insurance is cancelable when home equity reaches 20%

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