Conventional Loans
Conventional Loans are mortgage loans that fall within the conforming loan limits set annually by the Federal Housing Finance Agency (FHFA), which determines whether a loan may be purchased by Fannie Mae or Freddie Mac. These limits vary by county and are typically in the mid - $800,000 range for standard markets, with higher caps in designated high-cost areas.
Why Choose a Conventional Loan?
- Lower interest rates for well qualified borrowers
- Down payment options starting as low as 3% for eligible borrowers
- The ability to finance primary residences, second homes, or investment properties
- Reduced mortgage insurance costs and the ability to remove private mortgage insurance (PMI) once equity reaches 20%
- A wide selection of fixed-rate and adjustable-rate mortgage products
- Refinancing options available
The offer of credit is subject to credit approval.