Loan Options
Conventional Loans
Get Conventional
Conventional mortgage are a great choice for many homeowners because they offer lower costs than some other popular loan types. While FHA and other government loans can have certain property restrictions, a conventional loan can be used on nearly all property types. With a variety of options and with excellent advantages for qualified borrowers, a conventional mortgage might be right for you.
Need Down Payment Options? Here Are A Few Conventional Low Down Payment Options:
Fannie Mae HomeReady
HomeReady is a fixed-rate, affordable housing program for creditworthy, low-to-moderate income borrowers offering up to 97% financing for first-time homebuyers and 95% financing options for non-first time homebuyers.
Freddie Mac Home Possible & Home Possible Advantage
Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas. Maximum financing (LTV/CLTV) and minimum credit score requirements are determined based on the loan product type. Private Mortgage Insurance (PMI) is required on conventional loans with an LTV > 80%.
- A range of down payment options
- Advantages for higher down payments
- Option to eliminate mortgage insurance with a 20% down payment
- Financing for properties commonly restricted by gove
- Second home mortgage options available
- Adjustable rate mortgages
Conventional loans generally offer lower costs than other loan types, and if you meet credit score requirements and have a down payment of at least 3%, a conventional mortgage might be the best solution for you. Contact us to help you decide if this is the best fit for your situation.
Get Started on Your Journey Home
Knowledge Base
2021 – The Year For The Home Buyer And Seller
By: David H Stevens, CMB In my almost forty years in the real estate and mortgage finance business, there have been a variety of cycles …
David H. Stevens Named New Advisor to the George Mason Mortgage Board of Directors
David H. Stevens, CMB, (Dave) is a 36 year veteran of the Mortgage Banking industry. Dave served as the President and CEO of the Mortgage …
What to Expect From a Biden Regime
David H Stevens, CMB is the CEO of Mountain Lake Consulting, Inc and an advisor to George Mason Mortgage. David was the CEO of the …
The Federal Reserve, the Housing Market, and Mortgage Rates
The housing economy is one of the remarkable stories we will remember about the COVID experience in the USA. In March when the nation shut …
FHFA Announces Conforming Loan Limits for 2021
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan …
Have You Heard? Refinance and Remove FHA Mortgage Insurance
Refinancing your FHA loan to a conventional mortgage may clear room in your monthly budget, especially with interest rates hovering at historic lows. FHA Mortgage …