Conventional Loans

Conventional Loans are loans that are traditionally underwritten with guidelines established by one of two governmental agencies - FNMA (Fannie Mae) and FHLMC (Freddie Mac). These loans have a maximum loan amount that is set by regulation. For single family homes that amount is currently $548,250.

Key Features of Conventional Loans

Financing available up to 95% and higher based on qualification for certain programs

Minimum credit score required is generally 620

Private mortgage insurance is required when less than 20% down payment is made

Available for purchase or refinance loans

Eligible properties can be owner occupied, second/vacation homes and investment

One to four family homes are available for financing

 

Conventional Loans