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Conventional/Conforming

A conforming loan is a mortgage that complies with the standard Fannie Mae and Freddie Mac guidelines.  Fannie Mae worked with Freddie Mac to develop uniform mortgage documents meeting national standards - a conforming loan.  Conforming loans typically require enhanced borrower standards, including higher credit scores, larger down payments, and stricter underwriting guidelines.  In purchase or refinance transactions, conforming loans will generally require private mortgage insurance (PMI); unless the borrower has a 20% equity.

  • 30-year, 25-year, 20-year, 15-year, and 10-year terms available

  • Adjustable rate mortgages allowed

  • Single family and 2-4 units acceptable

  • Second homes and investment properties approved

  • Minimum down payment: 3-5% (determined by property type or occupancy)

  • Grants and gifts permitted from suitable sources, along with 5% of your own funds

  • Stricter credit requirements

  • 4 years post-bankruptcy

  • 4 years post-foreclosure

  • Seller concessions allowed, based upon the down payment

  • Renovation loans are available

  • Maximum loan amount $417,000

  • Purchase or refinance