Types of Loans
Conventional Loans
The most widely used mortgage for buyers with solid credit.
Conventional loans are not insured by a government agency. Most follow guidelines set by Fannie Mae and Freddie Mac, and conforming loan limits are set each year by the Federal Housing Finance Agency (FHFA). For amounts above the conforming limit, ask about jumbo financing.
Who it fits
- First-time and repeat buyers with steady income
- Borrowers with good credit who want competitive pricing
- Buyers of primary homes, second homes and investment properties
- Homeowners who want to refinance
Key features
- Down payments as low as 3% for eligible first-time buyers
- Private mortgage insurance (PMI) can be removed once you reach enough equity
- No PMI with 20% or more down
- Fixed and adjustable rates in 15- to 30-year terms
- Gift funds and seller concessions allowed within program limits
Conforming loan limits change annually. Eligibility, loan terms, down payment requirements, rates, fees and program features vary by borrower qualifications, property type and lender guidelines. Contact us to see which program fits you.