Conventional loans boast great rates, lower costs, and home buying flexibility. They are the loan option of choice for about 60% of all mortgage applicants. Conventional loans are also known as conforming loans, since they conform to a set of standards set by Fannie Mae and Freddie Mac. The following are highlights of this program.
· Conventional 5% down on purchase with 3% seller concessions, min credit 620
· Conventional refi up to 95% rate and term, min credit 640