What is a Conventional Mortgage?
A Conventional Mortgage is simply any mortgage loan that is not insured or guaranteed by the federal or state government. Whether you're looking for a 10, 15, 20, or 30-year loan, we can help. We offer competitive rates and terms to allow you to work within your budget to fulfill your homeownership dreams.
Loan Features
- Lower interest rates
- Requires a higher down payment, usually 5%–20%
- 1% down payment programs available for qualified borrowers
- 3% HomeReady®, Home Possible® down payment programs
- Has higher income and credit score requirements than government loans
- Available fixed-rate and adjustable-rate mortgages
- Fixed-rate loans have a term of 30 or 15 years
- No Private Mortgage insurance (PMI) on many conventional loans, including 15 and 30 year Jumbos
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