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Conventional Loans
Fannie Mae (FNMA) and Freddie Mac (FHLMC) buy about half of all the mortgage loans made by lenders. This provides lenders with the capital to make more loans.
These loans are great for anyone with solid credit that can meet Fannie and Freddie loan standards.
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Product highlights
- Conforms to Fannie Mae and Freddie Mac guidelines
- Loan limits vary by county
- Debt-to-income limits apply
- Bankruptcy seasoning typically 48 months
- Foreclosure seasoning typically 7 years
- Short sale seasoning generally 4 years
- Occupancy types include primary residence, second home, and investment property
- Not insured or guaranteed by the federal government
- Owner-occupied multi-unit properties allowed up to 95% LTV
- Borrower must have good credit, a steady income, and money for a down payment
Borrower advantages
- Down payment options as low as 3%
- No mortgage insurance with 20% or more down
- Removable mortgage insurance at 20% equity
- Can be used for second homes or investment properties
- No limits on income, area or occupancy type.
- Gifted money can be used for the down payment
- Seller contributions allowed
Realtor advantages
- The most popular loan product — provides easier loan approvals
- Appraisal requirement flexible for certain scenarios
- Low down payment options
- These products fit most buyers, including primary homebuyers and investors
Frequently asked questions
With short and easy to understand answers.
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[email protected]What is a conventional loan?
A conventional loan is a mortgage not backed by the government. It’s one of the most popular options for buyers with solid credit and stable income.
How much do I need for a down payment?
You can put down as little as 3% in many cases. More down can mean lower monthly payments, but it’s not required.
Do I have to pay mortgage insurance?
Only if you put less than 20% down — and the good news is PMI can be removed once you build enough equity.
Is this a good option for first-time buyers?
Yes. Many first-time buyers qualify for conventional loans with competitive rates and flexible options.
Couldn’t find your answer?
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