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Conventional Loans
A conventional loan, or "traditional" loan, is a conforming mortgage that follows the guidelines put in place by Freddie Mac and Fannie Mae.
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Multiple Terms Available: 15, 20, 25, & 30 Years
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No mortgage insurance with down payments greater than 20 percent loan-to-value
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This is a universal product, so it's easy to shop around and compare
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This loan generally offers lower rates if you meet the loan requirements
Low Down Payment
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A conventional 97% LTV (loan-to-value) loan is similar to the traditional conventional loan; however, this specific program allows prospective home buyers to purchase a home with only a 3% down payment. To qualify, the following guidelines must be met:
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Loan amount may not exceed $766,550
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Must be a one-unit, single family dwelling
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Must be the owner's primary residence
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At least one borrower has not owned a home in the last three (3) years
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Must be a fixed rate mortgage
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Minimum FICO score of 620
*Other restrictions may apply.
A conventional 97% LTV (Loan-to-Value) loan is an attractive option to first-time home buyers as the qualifying guidelines typically meet their home buying profile. Another benefit of this loan program is that it allows for its entire 3% down payment to come from gifted funds; however, the gift must come from a person related to the borrower by blood or marriage, or the borrower's legal guardian, domestic partner or fiance/ fiancee.
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620 min FICO
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Down Payment Options:
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- 3% First Time Home Buyer
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- 5% Primary Residence
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- 20% Investment Property
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- 10% 2nd Home
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Max Loan Amount $766,550