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Conventional Loan

You’ve worked hard for a good credit rating. Here’s where it pays off. Conventional loans are a great option if you have good credit and enough money for a down payment. 

What you need to know about conventional loans

A conventional mortgage is one of the most well-known options out there and can offer great rates to those who qualify. Certainty Home Loans has products that allow you to put down as little as 3%. The maximum loan limit for one-unit properties is $548,250, or $822,375 in high-cost areas. If you are looking for financing over that amount, you will want to consider a Jumbo loan. Be sure to check with your Loan Officer about your financial goals. 

If you have good credit and a down payment, you can take advantage of some great options with a conventional loan. Find a loan officer near you to get started.

For more information on conventional loans, check out the 'Common conventional questions, answered' section below.


Finance Your Home with Confidence Guide

Buying your dream home is possible! And with Certainty Home Loans by your side, you can navigate the mortgage process with confidence. This guide is to help you navigate your financing journey and help you know what to expect every step of the way.

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One of the most popular home loans

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Many loan options available from 15 to 30-year terms and fixed or adjustable rates

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No private mortgage insurance costs with 20% down payment

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Down payment as low as 3% for those who qualify

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Common conventional questions, answered.

Many people still believe that a 20% down payment is required to qualify for a Conventional mortgage, but there are options as low as 3% that can be a great alternative to an FHA loan for those who qualify.

Conventional mortgages do require private mortgage insurance (PMI) if you are putting less than 20% down, but you may ask your mortgage servicer to cancel your PMI after you have paid down the mortgage balance to 80%. When the balance drops to 78%, your mortgage servicer is required to eliminate the PMI.
While Conventional financing appeals to a wide demographic, it is often best suited for those with a good credit score. While you can still qualify with a lower score, there may be higher costs associated with your mortgage. It’s important to consider all of your options, and Certainty Home Loans offers many different products like FHA loans, VA loans, and USDA home loans.
Conventional loans can be either conforming or non-conforming. A conforming loan is a mortgage loan that falls within Fannie Mae and Freddie Mac guidelines. These behind-the-scenes government entities set the national conforming loan limit and drive the home loan market.

Non-conforming loans generally offer a wider range of acceptance and will likely bear a higher interest rate than conforming loans. When things like credit history, recent bankruptcy, high debt, or problems securing documents surrounding employment, income, or assets make a conforming loan difficult to qualify for, a non-conforming loan may be an option. 

If you have good credit and a down payment, you can take advantage of some great options with a Conventional loan. Be sure to check with your Loan Officer about your financial goals.

Ready to discover if you can qualify? Find a local loan officer near you.
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