Conventional Loan

A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. It generally requires a down payment of at least 5% of the purchase price if you are not a first time homebuyer. Conventional loans are often used to finance primary residences, second homes, and investment properties. They may also be used to refinance existing mortgages. Interest rates on conventional loans tend to be lower than those offered by government-backed programs such as FHA loans, but borrowers must have good credit scores and meet certain requirements in order to qualify for these loans .Conventional mortgages can be either fixed rate, adjustable rate (ARMS) or JUMBO non-conforming loans

We’ll help you see the differences between loan programs, allowing you to choose the right one for you.