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.
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Knowledge Base
Rent prices out of this world?
At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable …
Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0
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Unlocking Opportunities with Gifts, Grants, and Affordable Seconds
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Unlock the Home of Your Dreams
Building your dream home or transforming your current property into the perfect living space requires careful planning and the right financial support. At George Mason …
Essential Checklist for First-Time Homebuyers
Essential Checklist for First-Time Buyers: Your Path to a Successful Mortgage Journey Buying your first home is an exciting milestone! To ensure a smooth and …
DC Open Doors and the Maryland Mortgage Program
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Greenbelt Home Advantage
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The Building and Financing Process
There are several important steps you should take to ensure a successful building and financing process.
One-Time Close Construction Loans
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What Is A Mortgage Recast?
You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …
How Do Down Payment & Closing Cost Assistance Programs Work?
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FHFA Announces Conforming Loan Limits for 2023
Baseline Conforming Limit Will Increase to $726,200 FHFA Announces Conforming Loan Limits for 2023 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …
Home Inspections
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …
10 Homebuying Terms Everyone Should Know
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What Is Commonly Negotiated When Buying A Home?
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7 Ways to Stand Out as a Potential Homebuyer
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5 Tips for Making an Offer on a Home
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red …
Get Your Cash Back
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The Lowdown on Down Payments & Mortgage Insurance
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR …
9 Tips for Purchasing Your First Home
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Home Improvement Projects with the Best ROI
Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.
Homebuyer Options
Low Down Payment Programs & Grants George Mason Mortgage has many program options, contact one of our experienced mortgage professionals to see if one is …