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A conventional loan is a mortgage that isn’t insured by the FHA or VA. Most conventional loans are conforming, which means they meet the rules set by Fannie Mae and Freddie Mac and fall within the county loan limits. These loans typically offer low rates, a choice of fixed or adjustable terms, and no upfront mortgage insurance. If your down payment is under 20%, you’ll have private mortgage insurance (PMI) that can be removed later as you build equity.
Conventional loans follow standardized guidelines. Lenders document income (pay stubs/W-2s or tax returns), assets, credit, and the property’s value. If your down payment is You can use a conventional loan for primary residences, second homes, and investment properties (requirements vary). Terms are usually 10–30 years (fixed) or ARMs.Typical highlights (guideline ranges, not guarantees):Down payment: as low as 3% for qualified buyersCredit: usually 620+DTI: commonly up to ~45% depending on profileSeller credits: allowed up to a capped percentage of price
Conforming limits: Set by FHFA and vary by county. Loans above the limit are Jumbo and follow different rules.Occupancy: Primary, second home, and investment allowed (criteria differ).Property types: 1–4 units (guidelines differ for multi-unit and investment).Reserves & appraisal: May be required depending on profile and property.Insurance: PMI applies with For the latest county loan limit, ask us or check the FHFA site. We’ll confirm what applies to your scenario.
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