Home / Loan programs / Conventional loans
Loan program
Conventional loans
The most common mortgage in the country. Conventional loans follow Fannie Mae and Freddie Mac guidelines and work for primary homes, second homes, and investment properties.
A good fit for
- Borrowers with solid credit and steady income
- Buyers who want to drop mortgage insurance later
- Second homes and rental properties
- Loan amounts up to the conforming limit
Good to know
- Down payment options vary by program and occupancy
- Mortgage insurance applies with less than 20% equity and can be removed later
- Fixed and adjustable terms available
- Credit score affects pricing more than with government loans
How conventional loans work
Conventional loans are not insured by a government agency. Instead, lenders follow guidelines set by Fannie Mae and Freddie Mac, which buy most of these loans after closing. Because several wholesale lenders compete for the same conforming loan, shopping through a broker often surfaces meaningfully different pricing for the same borrower.
Mortgage insurance
With less than 20% equity, conventional loans carry private mortgage insurance (PMI). Unlike FHA, PMI on a conventional loan can be removed once you reach enough equity through payments or appreciation.
Occupancy matters
Pricing and down payment requirements differ for a primary residence, a second home, and an investment property. Tell us how you plan to use the home and we will price it correctly from the start.
Rates and terms change daily. Contact us for current pricing based on your credit, property, and down payment.
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