- Enjoy down payments as low as 3%.
- Benefit from fewer restrictions than government-backed loans, with no upfront mortgage insurance required.
- Cancel Private Mortgage Insurance (PMI) once you achieve 20% equity, provided the property is your principal residence or second home and you have maintained an acceptable payment record.
- Obtain potentially lower interest rates with higher credit scores.
- Take advantage of less stringent appraisal and property requirements compared to FHA, VA, or USDA loans.
- Experience faster loan processing and choose from a variety of term lengths ranging from 10 to 30 years.
Conventional Loan
What are Conventional Loans?
Conventional loans are favored by numerous homebuyers due to their flexibility and straightforward nature, as they are not tied to any specific government program.
There are two main categories of home loans: government-backed loans and Conventional loans. Conventional loans operate under the guidelines established by Fannie Mae and Freddie Mac. These entities were established by the government to increase the availability of funds for lenders, enabling them to provide more loans to prospective homeowners.
Conventional loans come with a range of terms and options, allowing homebuyers to customize a loan that perfectly fits their financial circumstances.
Benefits of a Conventional Loan
