Conventional Home Loans
- Conventional loans are Fannie Mae and Freddie Mac loans. You can borrow up to $424,100. Loans above that amount are considered “jumbo” or “non-conforming” loans. The minimum down payment requirement is 3-5%.
- Private mortgage insurance will be added to your payment if you put down less than 20%. Interest rates for conventional loans are very much credit score driven, the higher your score the lower interest rate you are eligible for. With a conventional loan you can purchase a primary residence, a second home/vacation residence, or an investment property.
- Fixed and adjustable rates are available, and terms from 10 to 30 years.
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