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 a 20% down payment is required for all conventional loans, many lenders, including Premier Mortage Reouces, now offer low down payment options. As a first time homebuyer, 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 a stable income and credit score.
Conventional Loans have good rates and flexibility
Gift funds are allowed
Seller-paid 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 and Multi-Family, Manufactures and Condo
Conventional Loan Limits
Different counties have different limits on how much you can borrow for a Conventional Loan. For example, Kootenai County has a loan amount of up to $453,100 on a one-unit, single-family residence.
Get Pre-Approved for a Conventional Loan
If you are looking to buy a home in Idaho or Washington, contact Team Sabrina Homes Loans at (208) 277-8627 for more information or contact us here!