Conventional Loans

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.

Conforming is

Non-Conforming is

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!

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Sabrina Nelke, Loan Officer, NMLS 1443529

Sabrina Nelke

(208) 277-8627

Vanessa Y. Wirtanen

(360) 296-4082

Liberty Lake Office

2310 N Molter, Ste 101

Liberty Lake, WA 99019

©2020 by Premier Mortgage Resources, LLC, NMLS# 1169. Equal Housing Lender. This material is not from HUD or FHA and has not been approved by HUD or any government agency. Credit on approval. Terms subject to change without notice. Not a commitment to lend. 

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