Conventional mortgages are the most popular option for borrowers looking to purchase or refinance a home. Borrowers may choose between fixed- and adjustable-rate mortgages with terms ranging from 10 to 30 years. Conventional mortgages are not insured or guaranteed by any government agency and may be sold to Fannie Mae or Freddie Mac. If you’re looking for a basic loan with consistent monthly payments, a 30-year fixed-rate Conventional mortgage might be your best bet.
Conventional Loan Requirements
- Purchase a primary residence with as little as 3% down*
- Credit scores as low as 620 may be accepted
Benefits You’ll Love
- Consistent monthly payments based on principal, interest rate, and amortized interest over the life of the loan (monthly payments may include taxes and insurance)
- Pay off your mortgage at any time without any prepayment penalties
- Refinance up to 95% of the value of your primary residence
- Loan terms can range from 10 to 30 years
- Available for purchase, refinance, or cash-out refinance
- Adjustable-rate mortgages (ARMs) also available
*Depending on specific loan characteristics.