What is a conventional loan?
A conventional loan isn't insured by a government agency. Most conform to Fannie Mae and Freddie Mac guidelines, and they're often a good fit for borrowers with solid credit and stable income.
Key features
- Options for primary residences, second homes, and investment properties
- Flexible down payment options, including low down payment programs for qualified first-time buyers
- Private mortgage insurance (PMI) may be required with smaller down payments, and can typically be removed later once you meet requirements
- Fixed-rate and adjustable-rate options
- Loan amounts above the conforming limit are typically jumbo loans
Related: Jumbo · Condo financing · Non-QM
Program availability, guidelines, and eligibility are subject to lender guidelines and eligibility, credit approval, income or asset verification, and property eligibility. This is not a commitment to lend and does not guarantee loan approval. See Disclosures.
