Conventional loans are offered by institutions such as banks, mortgage companies, and credit unions. Conventional loans are a great choice for many homeowners because they offer lower costs than some other popular loan types.
While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. With a variety of options and with excellent advantages for qualified borrowers, a conventional mortgage might be right for you
Minimum 3% down for qualified borrowers that do not exceed $647,200
Required when putting less than 20% down. Discover the different ways to finance the PMI per your financial goals
Loan amounts up to $766,550 ($1,149,825 for high-cost areas). Jumbo loans also available to $3mm
Fixed loans as well as Adjustable Rate Mortgages (ARM) available
Home Ready & Home Possible program available for qualified buyers. This program offers reduced interest rates and cheaper private mortgage insurance premiums.
Private Mortgage insurance, also known as PMI, is required on all conventional loans when you put less than 20% down or refinance with less than 20% equity in your home. It is arranged by the lender and provided by the PMI company
There are several ways to finance PMI which is why it’s important to see the different options and strategies. We work with 7 different PMI companies to get the lowest premiums.
You can pay: