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:

1. You can request to cancel the private mortgage insurance (PMI) once you have 20% equity in the home
2. Conventional loans are available for primary homes, second homesand investment properties
3. Conventional loans work very well with the down payment assistance programs we have available