Fixed-Rate and Adjustable-Rate Conventional Home Loans
Is a Conventional Home Loan the right fit?
Conventional loans are the most popular because they come in all shapes and sizes including fixed- and adjustable-rates, with flexible down payment requirements and varied terms from 10-30 years.
How conventional loans work
The most common home loan is a conventional fixed-rate mortgage. These loans offer down-payments as low 3% but also work for borrowers looking to put down 20% or more on their purchase. A conventional loan can be used to purchase a home, refinance a home for a better rate or to pull out equity for just about any use.Loan amounts and credit score requirements
Conventional loan limits follow the guidance set by the Federal Housing Finance Agency (FHFA). This agency allows higher balance conventional loan limits in high-cost areas such as large urban populations. Limits are also increased for conventional loans when financing a duplex, triplex or fourplex. Conventional loans have options for borrowers with high and low credit scores but the typical minimum score is 620. Your loan officer will provide loan options based on your personal situation so you can make the best decision.Private Mortgage Insurance
Private Mortgage Insurance (PMI) allows a borrower to put less than 20% down by providing the bank with protection in case of loan default. PMI can be paid monthly or with a single upfront payment.Our lending experts will provide you with all of the available options based on your personal situation.
Homebuyer Education
If you're looking to buy a home, let us walk you through the process. Our Homebuyer Education workshops are led by our specialists.
The Homebuyer Journey
Before searching for your dream home, the first step is to pre-qualify. Learn about what to expect when you apply for a home loan in this blog.
I want to buy a home, part 1
In this blog, we'll share four important steps you should learn about before starting your path to homeownership.