Conventional Loans

Conventional Loans for you!

Conventional Loans

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

Conventional Home Loans

3% DOWN PAYMENT

Minimum 3% down for qualified borrowers that do not exceed $548,250

Private MORTGAGE INSURANCE

Required when putting less than 20% down. Discover the different ways to finance the PMI per your financial goals

LOAN AMOUNTS

Loan amounts up to $548,250 ($822,375 for high-cost areas). Jumbo loans also available to $3mm

FIXED & ARMS

Fixed loans as well as Adjustable Rate Mortgages (ARM) available

HOME READY & HOME POSSIBLE PROGRAMS

Home Ready & Home Possible program available for qualified buyers. This program offers reduced interest rates and cheaper private mortgage insurance premiums.

house

WHAT IS PRIVATE MORTGAGE INSURANCE?

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

pmi

HOW DO YOU PAY
FOR PMI?

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:

  • Monthly - added to your monthly mortgage payment which cancels when the loan reaches 78% of the value of your home.
  • Upfront - one-time payment paid at closing
  • Split - pay a portion upfront and the remainder monthly
  • Lender Paid - paid for by the lender by increasing your interest rate
  • Financed - assuming you have enough down payment you can finance the PMI into your total loan

Get your home loan now!