Conventional loans are the most common mortgage option. Available through government sponsor entities Fannie Mae and Freddie Mac, conventional loans are available with as little as 3% down payment for first-time homebuyers and as low as 5% down payment for those who have previously owned a home. The upper loan limit for conventional loans has increased quite a bit over the past few years and will be $715,000 on January 1, 2023.
Features Of Conventional Loans:
- You can request to cancel the private mortgage insurance (PMI) once you have 20% equity in the home
- Conventional loans are available for primary homes, second homesand investment properties
- Conventional loans work very well with the down payment assistance programs we have available