FLEXIBLE FINANCING FOR YOUR NEXT HOME
Conventional Loans Built Around Your Goals
Conventional loans offer flexible financing options for homebuyers with a variety of down payment choices and property types. Whether you’re purchasing your first home, moving into your next one, or refinancing, we’ll help you understand your options and find a financing strategy that fits your goals.
Start Your ApplicationCONVENTIONAL LOAN EXPLAINED
Flexible Financing for the Way You Want to Buy
Conventional loans are one of the most widely used home financing options and are not insured or guaranteed by a government agency. They can offer flexibility in property types, loan terms, and down payment options, making them a strong choice for many homebuyers and homeowners.
Whether you’re purchasing your first home, moving into your next one, buying a second home, or refinancing, a conventional loan may provide a financing path that fits your goals.
CONVENTIONAL LOAN HIGHLIGHTS
✓ Down payment options that may start as low as 3% for eligible borrowers
✓ Available for primary residences, second homes, and investment properties
✓ Fixed-rate and adjustable-rate mortgage options available
✓ Private mortgage insurance may be removable once certain requirements are met
✓ A variety of loan terms and financing options to fit different goals
Conventional loan programs, terms, and eligibility requirements vary by lender and borrower qualifications. Credit, income, assets, property type, loan amount, down payment, and other program guidelines may be considered when determining loan eligibility.
WHY CONSIDER A CONVENTIONAL LOAN?
Flexible Financing with More Ways to Make Homeownership Work
Conventional loans can offer a combination of flexibility, competitive financing options, and choices for different types of properties. Depending on your financial profile and homeownership goals, they may provide several advantages worth considering.
Flexible Down Payment Options
Depending on the loan program and borrower qualifications, conventional financing may offer down payment options starting as low as 3%, giving eligible homebuyers more flexibility when planning their purchase.
More Property Options
Conventional financing can be used for a variety of property and occupancy types, including primary residences, second homes, and investment properties, subject to applicable program guidelines.
Potential to Remove Mortgage Insurance
When private mortgage insurance is required, it may be possible to remove it once certain equity and loan requirements are met, potentially reducing your monthly mortgage payment over time.
Flexible Loan Terms
Conventional loans offer a variety of fixed-rate and adjustable-rate options, allowing you to explore a loan structure and term that aligns with your budget, timeline, and homeownership goals.
CONVENTIONAL LOAN OPTIONS
Conventional Financing Options for Different Homeownership Goals
Conventional financing isn’t one-size-fits-all. Different loan structures can provide options based on your down payment, property type, financial profile, and long-term goals. Understanding the differences can help you choose the financing approach that makes the most sense for you.
Conforming Conventional Loans
Conforming loans follow loan limits and guidelines established for mortgages that may be purchased by Fannie Mae or Freddie Mac. They are commonly used for primary residences, second homes, and investment properties, subject to borrower and property eligibility requirements.
High-Balance Conventional Loans
In certain higher-cost areas, conforming loan limits may be higher than the standard baseline limit. High-balance conventional loans can provide additional financing capacity while still following applicable conforming loan guidelines.
Jumbo Conventional Loans
Jumbo loans are designed for financing needs that exceed the applicable conforming loan limits. They can be used for higher-priced homes and may have different credit, income, asset, reserve, and down payment requirements depending on the lender and loan program.
Fixed-Rate & Adjustable-Rate Options
Conventional financing may be available with fixed-rate or adjustable-rate structures. A fixed-rate mortgage keeps the interest rate consistent for the loan term, while an adjustable-rate mortgage may offer an initial fixed period followed by rate adjustments based on the loan terms.
YOUR CONVENTIONAL LOAN ROADMAP
From Pre-Approval to Closing
A conventional loan follows a straightforward path from preparing your finances to closing on your home. Here’s what you can expect as we move through the process together.
STEP 1
Get Pre-Approved
We’ll review your financial profile, discuss your homebuying goals, and determine which conventional financing options may fit your situation. A pre-approval can also help you understand your potential price range before you begin shopping for a home.
STEP 2
Find Your Home
With your financing strategy in place, you can shop for a home with a clearer understanding of your budget. Once you find the right property and your offer is accepted, we’ll move forward with the loan process.
STEP 3
Complete Your Loan Application
Once you’re under contract, we’ll complete your loan application and gather the documentation needed for processing and underwriting. We’ll keep you informed throughout the process and help you understand what comes next.
STEP 4
Appraisal & Underwriting
The property appraisal and loan underwriting process help confirm the home’s value and verify that the loan meets applicable guidelines. If additional information or documentation is needed, we’ll help you navigate those requests.
STEP 5
Final Approval
Once underwriting requirements are satisfied, your loan can move toward final approval. We’ll review the remaining details with you and help make sure you’re prepared for closing.
STEP 6
Close & Get Your Keys
At closing, you’ll review and sign your final loan documents and complete the remaining requirements. Once everything is finalized, it’s time for the best part—getting the keys to your new home.
WHAT YOU’LL NEED
Preparing for Your Conventional Loan
Having the right documents ready can help keep your loan moving smoothly. The exact requirements will depend on your financial situation and loan program, but here are some of the items commonly requested during the conventional loan process.
Income & Employment
Documentation may include recent pay stubs, W-2s, tax returns, or other records used to verify your income and employment history. Self-employed borrowers may be asked to provide additional documentation.
Assets & Funds
Bank statements and other asset documentation may be requested to verify funds for your down payment, closing costs, reserves, and other financial requirements associated with the loan.
Credit & Debts
Your credit history and existing monthly debt obligations will be reviewed as part of the qualification process. These factors help determine eligibility and the conventional loan options that may be available to you.
Property Information
Once you’re under contract, information about the property and purchase agreement will be reviewed. An appraisal may also be required to help determine the property’s value and confirm it meets applicable loan guidelines.
Identification & Personal Information
You may be asked to provide a government-issued photo ID, Social Security number, current address information, and other documentation needed to verify your identity and complete the loan application.
Additional Documentation
Depending on your financial situation, additional documentation may be requested during underwriting. This could include items related to self-employment, rental income, gift funds, large deposits, or other circumstances that require clarification.
READY TO TAKE THE NEXT STEP?
Let’s Find the Conventional Loan That Fits Your Goals
Whether you’re buying your first home, moving into your next one, purchasing a second home or investment property, or refinancing, I’ll help you explore your conventional financing options and understand the path forward.
