Conventional Loans

A conventional loan, or "traditional" loan, is a conforming mortgage that follows the guidelines put in place by Freddie Mac and Fannie Mae.
 

• Multiple Terms Available: 15, 20, 25, & 30 Years
• No mortgage insurance with down payments greater than 20 percent loan-to-value
• This is a universal product, so it's easy to shop around and compare
• This loan generally offers lower rates if you meet the loan requirements

620 min FICO
Down Payment Options:
- 3% First Time Home Buyer
- 5% Primary Residence
- 20% Investment Property
- 10% 2nd Home
Max Loan Amount $806,500

Low Down Payment

A conventional 97% LTV (loan-to-value) loan is similar to the traditional conventional loan; however, this specific program allows prospective home buyers to purchase a home with only a 3% down payment. To qualify, the following guidelines must be met:
 

• Loan amount may not exceed $806,500
• Must be a one-unit, single family dwelling
• Must be the owner's primary residence
• At least one borrower has not owned a home in the last three (3) years
• Must be a fixed rate mortgage
• Minimum FICO score of 620

*Other restrictions may apply.

A conventional 97% LTV (Loan-to-Value) loan is an attractive option to first-time home buyers as the qualifying guidelines typically meet their home buying profile. Another benefit of this loan program is that it allows for its entire 3% down payment to come from gifted funds; however, the gift must come from a person related to the borrower by blood or marriage, or the borrower's legal guardian, domestic partner or fiance/ fiancee.