Conventional Loans

Loan terms: 10, 15, 20, & 30 year loans
Loan types: Fixed, Adjustable
Interest Rate Types: Purchase, Refinance
Property Type: Primary Residence, Second Home, & Investment Properties


The conventional conforming loan is the traditional mortgage program. It is called “conforming” because it fits within the standardized guidelines set by Fannie Mae and Freddie Mac. It can be used to finance all different types of residential properties. The loan requires mortgage insurance if the down payment is less than 20 percent. The monthly mortgage insurance required for this loan is cheaper than FHA mortgage insurance. A conventional loan caters to those who have more money to put down & great credit scores.

  • As low as 3% down on a primary residence purchase
  • Debt-to-income ratio as high as 45%
  • Qualifying guidelines more strict than FHA
  • Requires monthly mortgage insurance (MI) if down payment is less than 20%
  • MI can be cancelled at 80% loan-to-value
  • Loan amount up to $453,100 (anything higher is a jumbo loan)