Conforming Loans

The Right Fit For You?


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.

  • You can use a conventional loan to buy a primary residence, second home, or rental property
  • Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
  • Down payments as low as 3%
  • No monthly mortgage insurance with a down payment of at least 20%
  • Mortgage insurance is cancelable when home equity reaches 20%


·      Conventional 5% down on purchase with 3% seller concessions, min credit 620

·      Conventional refi up to 95% rate and term, min credit 640