2-story home with shutters for sale - conventional loans

Typical Loan Features – Conventional Loans

  • The lowest fixed or ARM interest rates available for terms of 30 or 15 years, other terms available.
  • Down payments vary and can be as low as 1%, 3%, 3.5%, or 5% – 20%.
  • Private Mortgage Insurance (PMI) is required with less than 20% down payment.
  • Private Mortgage Insurance is not available for non-owner properties, and 20% or more down is required.
  • Loan costs and fees can be included in the home loan.
  • Favorable home loan interest rates and terms are common.
  • No prepayment penalties for future sales and refinancing.
  • 1 Unit Property max loan amount: $424,000
  • 2 Unit Property max loan amount: $543,000
  • 3 Unit Property max loan amount: $656,350
  • 4 Unit Property max loan amount: $815,650

Conventional Loans

Conventional Loans or Prime Purchase Home Loans are for borrowers seeking financing to buy their primary residence, a second home, or a rental property. These properties can be MLS listed, REO Foreclosures, Short Sale or For Sale by Owner properties. Call us to get pre-qualified before you start your property search.

Loan Requirements

  • 1% to 20% down payment typically required
  • Minimum FICO credit score = 600 and higher is better
  • At least 1 to 2 year work history
  • Moderate income to qualify
  • Livable property condition