Conventional Loan Programs
Conventional loan programs cover almost every option a current homeowner and homebuyer could need. Fannie Mae(FNMA) and Freddie Mac were created by the Government to purchase these loans. Everyone from first time homebuyers to real estate investors can take advantage of the conventional loan programs. If you are looking for a 2nd home, investment property, a new primary residence then you should consider using a conventional loan. The wide range of refinance options give you the tools you need to lower payments, take cash out, change loan terms, pay off debt or make renovations.
Program Information
Conventional Purchase
- FICO as low as 620
- 3% down payment
- Lowest Private Mortgage Insurance
- 30YR, 25, 20YR, 15YR, and 10YR Fixed Term
- ARM options available
- Debt To Income Ratio up to 50%
- Primary Residence, Second Home and Investment properties
- Single Family Residences, Condo’s, Multi-Family Units, Townhouses, PUD and Manufactured Homes
Conventional Refinance
- FICO as low as 620
- 3% down payment
- Lowest Private Mortgage Insurance
- 30YR, 25, 20YR, 15YR, and 10YR Fixed Term
- ARM options available
- Debt To Income Ratio up to 50%
- Primary Residence, Second Home and Investment properties
- High Balance Refinances available
- Single Family Residences, Condo’s, Multi-Family Units, Townhouses, PUD and Manufactured Homes
Conventional Loan Programs
The Conventional Purchase Loan Program offers a loan that requires a down payment of 5%, credit score of 620, DTI up to 50%, wide range of amortization terms and max loan limit depends on the County. Primary Residences, Second Homes and Investment properties are allowed. 2nd home or investment properties require a minimum of 20% down.
The Conventional Rate Term Refinance Loan Program offers a loan that requires at least 5% equity in the house, credit score of 620, DTI up to 50%, wide range of amortization terms and max loan limit depends on the County. You can lower your rate, change your loan terms and get up to $2000 cash back. 2nd homes and Investment properties require 20% equity.
Conventional Cash Out Refinance Loan Program offers a loan that requires at least 10% equity in the house, credit score of 620, DTI up to 50%, wide range of amortization terms and max loan limit depends on the County. You can lower your rate, change your loan terms, pay off debt and get cash back. 2nd homes and Investment properties require 20% equity.
The Conventional High Balance Refinance Loan Program is for loans that go over the standard County Loan Limits. The program requires at least 5% equity in the house, credit score of 620, DTI up to 50%, wide range of amortization terms and max loan amount depends on the county. You can lower your rate, change your loan terms and get up to $2000 cash back. 2nd homes and Investment properties require 20% equity.
The Fannie Mae (FNMA) HomeReady® Conventional Purchase program has the lowest down payment at only 3%, Debt to income up to 50%, credit score as low as 620, primary residence, 2nd home, investment properties and loan limit depends on the County. First time homebuyers required to complete the Fannie Mae homeownership education course.
The Fannie Mae (FNMA) HomeReady® Conventional Rate Term Refinance program requires 3% equity, Debt to income up to 50%, credit score as low as 620, primary residence, 2nd homes and loan limit depends on the County. You can lower your rate, change terms and get up to $2000 cash back. First time homebuyers required to complete the Fannie Mae homeownership education course.
The Freddie Mac Home Possible® Conventional Purchase program has the lowest down payment at only 3%, Debt to income up to 50%, credit score as low as 620, primary residence, 2nd homes and loan limit depends on the County.
Click Here for the Freddie Mac Income and Property Eligibility Tool
The Freddie Mac Home Possible® Conventional Rate Term Refinance program only requires 3% equity, Debt to income up to 50%, credit score as low as 620, primary residence, 2nd homes and loan limit depends on the County.
Click Here for the Freddie Mac Income and Property Eligibility Tool
Conventional Loan Limits
Use this interactive map provided by Fannie Mae to check the loan limits in your area.
This PDF will show you the Fannie Mae and Freddie Mac loan limits by County.
Freddie Mac Tools
Check if your income and house qualify for the Freddie Mac Home Possible® Loan Program
Allowed Property Types
