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A conventional loan is a mortgage that is not guaranteed or part of any government agency.
Why Choose a Conventional Loan?
- You can use a conventional loan to buy a primary residence, second home, or rental property
- Conventional loans are available in fixed rates, adjustable rates (ARMs), and offer many loan terms usually from 10 to 30 years
- Down payments as low as 3%
- No monthly mortgage insurance with a down payment of at least 20%
- Lower mortgage insurance costs than FHA
- Mortgage insurance is cancelable when home equity reaches 20%