Conventional Mortgage
Conventional Mortgage
"Conventional mortgage" or "conventional loan" is a term you'll always encounter when shopping for a mortgage. After all, this common mortgage type is provided by most lenders.
What Is a Conventional Mortgage or Loan?
A conventional mortgage or conventional loan is any home buyer's loan that is not provided or secured by a government entity. Rather, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies.
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What kinds of Conventional Loans are available?
Conforming loans observe the guidelines set by Fannie Mae and Freddie Mac, two government-sponsored establishments that fund the U.S. housing market. The best-known regulation has to do with the size of the loan. In 2022, the conforming loan limitation for single-family homes in most continental U.S. is $647,200. Higher-cost areas, such as Hawaii and Alaska, have greater limits, up to $970,800 for single-family homes.
Many nonconforming loans are jumbo loans for home buyers who need to borrow an amount higher than the conforming limit for the area.
Other nonconforming loans include those made to borrowers with poor credit, high debt or a recent bankruptcy, or homes with a high loan-to-value ratio (usually up to 90% for a conforming loan).
Can I get down payment assistance with a Conventional Loan?
Yes, you may be able to qualify for down payment assistance with a conventional home loan. In addition, government agencies and community programs offer services to buyers struggling with complex financial situations, no matter what type of financing they use.
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We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.
PHONE
(414) 801-0600
ADDRESS
4240 N. Lake Drive
Shorewood, WI 53211
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.