Conventional Loans

A conventional loan is a mortgage not backed by the government, making it one of the most common loan types for borrowers with good credit. With competitive interest rates and flexible terms, conventional loans are ideal for primary homes, second homes, and investment properties.

Key Benefits:

• Down payments as low as 3%

• No upfront mortgage insurance premium

• PMI can be removed once you reach 20% equity

• Available for purchase and refinance

• Loan limits up to $766,550 (conforming) or higher in high-cost areas

Conventional loans require a minimum credit score of 620, though better rates are available with scores of 740+. Debt-to-income (DTI) ratios up to 45% may be allowed depending on the lender and loan details.

Contact Andrew today to find out if a conventional loan is the right fit for your home purchase or refinance.