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A financing option designed to meet the needs of today’s home buyer.

A conventional loan is an excellent match for a buyer with a decent credit score and some savings for a down payment. Most believe that a 20% down payment is required to finance a home with a conventional loan. While a 20% down payment is certainly helpful, it is not required. Conventional loans can be financed with as little as 3% down payment. This loan type is considered a “conforming loan” meaning it conforms to the guidelines created by government-sponsored agencies known as Fannie Mae and Freddie Mac.

Conventional Loan Facts

If you have a decent credit score and money saved for a down payment this loan option is a good fit.

Variety of Home Purchase Types

Variety of Home Purchase Types

This loan option can be used for primary, second, and investment homes.

Borrower Does Not Have to Be a First-Time Buyer

Borrower Does Not Have to Be a First-Time Buyer

Conventional loans are available to first-time and repeat home buyers.

Affordable Mortgage Insurance With The Option to Cancel

Affordable Mortgage Insurance With The Option to Cancel

Once there's 20% equity in the home, the mortgage insurance can be canceled.

Low Down Payment

Low Down Payment

As low as 3% down payment for home purchases and refinance transactions.

Flexible Options for Down Payment and Closing Costs Funds

Flexible Options for Down Payment and Closing Costs Funds

Cash for down payment and closing costs can come from multiple sources

Fixed and Adjustable Rates Available

Fixed and Adjustable Rates Available

Both types of rates are available for conventional loan programs.

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Mortgage Loan Officer to review which loan is the best option for you.

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Frequently Asked Questions

1. Do I need to put down 20% on a conventional loan?

It’s a common misconception that a 20% down payment is necessary to purchase a home. There are a variety of loan options that allow for less than 20% down. Talk to your loan officer to find the best fit for your financial situation.

2. Do I have to have a perfect credit score in order to use a conventional loan?

A perfect credit score is not needed for a conventional loan. We typically recommend this loan for a buyer that has a credit score of 620 or higher. Always consult with your loan officer if a credit score is a concern. We can provide guidance.

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