Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. Sabrina Nelke – Premier Mortgage Resources offers conventional mortgages in Idaho and Washington.
What is a Conventional Loan?
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options. As a first time home buyer you can put as little as 3% down in some cases.
Conforming vs. Non-Conforming Loans
Conventional loans are split into two types: conforming and non-conforming.
Benefits of Conventional Loans
Conventional loans are intended for borrowers with stable income and credit scores, and have good rates and flexibility.
Gift funds are allowed.
Seller paid closing costs are allowed up to 3% of the sales price.
This type of loan is available as an Owner Occupied, Second Home or Investment Property.
Eligible homes are Single & Multi Family, Manufactured and Condo.
Conventional Loan Limits
Different counties have different limits on how much you can borrow for a Conventional Loan. Kootenai County for example, you can have a loan amount up to $453,100 on a one unit single family residency.
Get Pre-Approved for a Conventional Loan
If you are looking to purchase a home in Idaho or Washington, contact Sabrina Nelke – Premier Mortgage Resources at (208) 277-8627 for more information, or simply fill out the form on this page.