Conventional Loans

Better rates, terms and lower fees for borrowers with good credit and at least a 5% down payment.

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms and/or lower fees than other types of loans.

However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.

Better Rates & Terms Lower Fees 5% Minimum Down Payment

Fixed Rate Mortgages: Your rate and payment never change.

30 Year Fixed Loan

Benefits: Lowest fixed monthly payments

20 Year Fixed Loan

Benefits: Low fixed monthly payments

15 Year Fixed Loan

Benefits: Lower rate than the 15 or 20 Year Fixed; Pay less interest and pay your home off more quickly.

10 Year Fixed Loan

Benefits: Lower rate; Pay off your loan and build equity faster.

5 Year Fixed Loan

Benefits: Lowest rate; Pay off your loan and build equity the fastest

Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.

3/1 ARM

3 Years
Fixed Rate 27 Years
Adjustable Rate

5/1 ARM

5 Years
Fixed Rate 25 Years
Adjustable Rate

7/1 ARM

7 Years
Fixed Rate 23 Years
Adjustable Rate

Down Payment Requirements

For Purchase transactions, Conventional Loans require the home-buyer to put down at least 5% – 20% of the purchase price of the home. For a Refinance transaction, most lenders require at least 10% equity in the property.

5–20%

Purchase Down

10%

Refinance Equity

If you don't have enough equity to qualify for a conventional refinance — even if you owe more than your home is worth — you might still have options. Reach out and we'll find the right solution for you.

Eligible Property Types

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.

Find Out if a Conventional Loan is Right for You

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