Conventional Loan Programs
Traditional agency financing through Fannie Mae and Freddie Mac with competitive rates and flexible terms.
Why Choose Conventional?
Conventional loan programs give borrowers many options for current homeowners and homebuyers. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase conventional loans in the secondary market. Everyone from first-time homebuyers to real estate investors can take advantage of conventional loan programs.
Whether you're looking for a primary residence, second home, or investment property, conventional loans offer a wide range of options. The diverse refinance options give you the tools you need to lower payments, take cash out, change loan terms, pay off debt, or make renovations.
Conventional Qualifications
- •Minimum credit scores typically start at 620, subject to loan parameters
- •Late payment history reviewed based on overall credit profile
- •Bankruptcy and foreclosure waiting periods apply per agency guidelines
- •Stable employment and income history required
- •Self-employed income eligible with documentation
- •Social Security and disability income allowed with required continuance
- •Debt-to-income ratios generally up to 43%, with higher ratios possible based on underwriting approval
- •Funds to cover down payment
- •Funds for closing costs
- •Mortgage reserves if required
- •Primary residence, second homes, investment properties
- •Single family homes
- •Condos allowed
- •Townhomes allowed
- •PUD (Planned Unit Development)
- •1-4 unit properties eligible (manufactured homes subject to additional requirements)
Conventional Program Options
Traditional financing through Fannie Mae or Freddie Mac.
- Down payments starting at 3% for eligible primary residences
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Various amortization terms available
- Primary residences, second homes, and investment properties allowed
- Second homes and investment properties typically require 20% down
Lower your rate and change loan terms.
- High loan-to-value options available for eligible borrowers
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Lower interest rate or change loan terms
- Limited cash back allowed per agency guidelines
Access equity while refinancing.
- Access home equity while refinancing
- Loan-to-value limits vary by occupancy and property type
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Use proceeds to consolidate debt or access cash
For loans exceeding standard county limits.
- For loan amounts exceeding standard conforming limits
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Change loan terms or interest rate
- Limited cash back permitted per program guidelines
Lowest down payment at 3% for first-time buyers.
- 3% minimum down payment
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Primary residence only
- Income level limits apply
- Homeownership education course required
Refinance with just 3% equity for qualified borrowers.
- High loan-to-value options available
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Primary residence only
- Income limits apply
- Homeownership education may be required
Just 3% down payment for primary residence.
- 3% minimum down payment
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Primary residence only
- Income limits apply
- Use Freddie Mac eligibility tool to confirm
Refinance with just 3% equity.
- High loan-to-value options available
- Credit scores typically from 620
- DTI up to 50% with underwriting approval
- Primary residence only
- Income limits apply
- Use Freddie Mac eligibility tool to confirm