Conventional Loans
Conventional loans are mortgage loans offered by non-government sponsored entities. A conventional conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. The loan may have a fixed or adjustable rate.
However, there are Conventional Loans offered outside of Fannie Mae and Freddie Mac guidelines. These types of loans offer creative approaches to income qualifying and are especially popular with self-employed buyers.
For many years Conventional Loans required a minimum 20% down payment. In today’s market conventional loans are very popular with down payments as low as 5%, and even 3%.
Conventional Loans offer the ability to finance Second Homes and Investment Properties in addition to Primary Residences.
Sincerely,
Norris D. Aikens
These loans meet Fannie Mae and Freddie Mac guidelines, offering competitive rates and low down payment options for qualified buyers.
Ideal for buyers who don’t fit into the traditional loan mold—such as the self-employed or those with unique income situations.
Today’s conventional loan programs allow for down payments as low as 3%, making homeownership more accessible than ever before.
What is a Conventional Loan?
Conventional loans are mortgage loans offered by non-government sponsored entities. A conventional conforming mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. The loan may have a fixed or adjustable rate.
- Some conventional loans fall outside standard Fannie Mae and Freddie Mac guidelines
- Popular with self-employed buyers due to flexible income qualification
- Down payments can be as low as 3%
- Can be used for primary residences, second homes, or investment properties
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