Loans

Conventional Loans

More than 60% of home buyers use a conventional loan, making it the most popular home financing option nationwide.

Loan Options

Conforming & Non-Conforming

Conventional Loans

Conventional home loans can either be categorized as “conforming” or “non-conforming.” A conforming conventional loan is one that is backed and purchased by a government-sponsored enterprise, such as Fannie Mae or Freddie Mac. In order to be considered a conventional loan, it must meet their criteria, and as of 2019 cannot exceed $484,350 in financing.

Loans that do not meet the criteria of Fannie Mae or Freddie Mac are defined as non-conforming loans. Most often this is the result of the loan exceeding the maximum dollar amount for conforming loans. Once a loan surpasses the $484,350 limit, it is referred to as a jumbo loan.

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Non-conforming limits have increased to $484,350 in 2019 for properties not in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Fixed-Rate Mortgages

Conventional Loans

A fixed-rate mortgages is the most common type of conventional loan on the market today. With a fixed-rate mortgage, we lock in your rate, and that rate stays the same throughout the duration of your mortgage, or for a specified period of time.

  • Purchase with as little as 3% down*

  • Downpayment Assistance available for qualified buyers 

  • Qualify with a credit score of 620 or higher

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*A 30-year conventional loan with 3% down can be reflected with the following example mortgage scenario, not including insurance and property taxes: A $200,000 property is financed at 97% LTV with a loan amount of $194,000 at a rate of 4.250% (4.997% APR). Monthly Mortgage Insurance Premium is rolled into the monthly payment at a rate of .950% until the LTV reaches 78%. The estimated payment is calculated to be $1,107.94/month.

Adjustable Rate Mortgages

Conventional Loans

Adjustable rate mortgages are structured to allow the interest rate applied to a loan to fluctuate with the market. Commonly these loans include a shorter period at the outset during which the rate is fixed, with the adjustable rates applied for the majority of the term. Rates are adjusted throughout the lifespan of the loan in relation to the nationwide prime rate, which is set by the Federal Reserve.

  • Qualify with a credit score of 620 or higher

  • Average time to closing: 4 weeks

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Whether you’re purchasing a new home or refinancing an existing one, all it takes is a few minutes to complete the first step in our 
application process.

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