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Conventional Loans

What is a Conventional Loan?

A Conventional loan is a loan that is not backed by a federal agency, but instead backed by private lenders such as Fannie Mae or Freddie Mac. Typically, conventional loans may require more from the borrower than an FHA LOAN.

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What are the requirements for a Conventional Loan?

  • Primary residence or investment
  • 3% Down (first-time homebuyer only)
  • Minimum 620 credit score
  • NO Mortgage Insurance if more than 20% down
  • Down payment can be a gift
  • Seller allowed to contribute towards closing costs

What types of conventional loans are there?

Conforming

A conforming loan is a loan that adheres to the loan limits set by Fannie and Freddie.

Conventional (Conforming)
  • $647,200 IN MOST COUNTIES
  • Most common loan type.
  • Loan amount must be $647,200, or less in most counties and may be as high as $970,800 in high-cost counties.
  • If your down payment is less than 20%, you’ll typically need mortgage insurance.
  • Credit score of 620

Non-Conforming

A non-conforming loan is a loan that falls outside of the conforming loan limits.

Jumbo (Non-Conforming)
  • UP TO $1-2 MILLION
  • Credit Score of 640
  • Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million
(Non-Conforming)
  • UP TO $1-2 MILLION
  • Credit Score of 640+
  • Jumbo loan for amounts greater than the Conforming Jumbo limit in your county, up to $1-2 million

Who is eligible for a conventional loan?

Anyone who meets the necessary criteria for a conventional loan

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