Conventional Loans

IT’S MORE COMMON FOR BORROWERS WHO HAVE A STRONGER CREDIT PROFILE TO APPLY FOR A CONVENTIONAL LOAN, WHICH IS A LOAN THAT:

  • Has a maximum loan amount of $832,750 for a single family residence. Limits may be higher in counties that are designated as “high cost” (map available here: https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx )
  • Minimum credit score requirement of 620
  • Minimum down-payment of 3%
  • Private Mortgage Insurance (PMI) not required on loans with at least 20% down-payment/equity
  • Can be used for primary residences, second/vacation homes, and investment/rental properties
  • Available for 1-4 unit residential properties
  • Some properties (i.e., condos) are more easily financeable with a conventional loan