Conventional Purchase Loans
Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. Down payment requirements may be as little as 3% or as much as the borrower would like to put down. Loans with less than 20% down can have the option to have Mortgage Insurance Monthly, or Lender paid mortgage insurance. Seller can pay a portion of the buyer’s closing cost or all depending on percent down. Purchase primary home, second home, and investment homes on conventional loans. Maximum loan amount is $647,200. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25 and 30 years.
Conventional Refinance Loans
Conventional cash out refinance loan will allow up to 80% of the home’s appraised value. On a rate/term refinance paying off just the mortgage, conventional will allow you to go to 95% of the homes appraised value. Low fixed rate for life of loan. Amortizations are available from 10, 15, 20, 25, and 30 years.