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.

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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!

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Conforming vs. Non-Conforming Loans

Conventional loans are split into two types: conforming and non-conforming.

Conforming is

Non-Conforming is

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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

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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.

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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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