Conventional loans are not insured by any government program and are the most common type of mortgage. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans, on the other hand, don’t meet those guidelines, but they are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA loans and USDA RD loans.
Competitive interest rates and lower fees
Down payments as low as 3%
Borrow up to 97% of home’s value
Available for primary residences, second homes and rental properties