Flexible Mortgage Financing for Homebuyers and Homeowners

A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. Most conventional loans follow guidelines established by Fannie Mae and Freddie Mac.

These loans are widely used because they provide flexible terms and can be used for:

• Primary residences 
• Second homes 
• Investment properties 
• Purchases and refinances

• Competitive interest rates 
• Fixed and adjustable-rate options 
• Down payments as low as 3% for eligible borrowers 
• Available for many property types 
• Mortgage insurance may be canceled once sufficient equity is reached 
• Higher loan limits than some government programs

Conventional loans are often a strong choice for borrowers who:

• Have good credit 
• Have stable income and employment 
• Want flexible loan options 
• Are purchasing or refinancing 
• Prefer to remove mortgage insurance once eligible

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Depending on the program and borrower qualifications, down payments can range from:

• 3% for certain first-time and owner-occupied programs 
• 5% or more for many standard programs 
• Higher down payments for second homes and investment properties

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If you put less than 20% down, private mortgage insurance (PMI) may be required. 

One advantage of conventional financing is that PMI can typically be removed once you meet equity and lender requirements.

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Common loan terms include:

• 30-year fixed-rate mortgages 
• 15-year fixed-rate mortgages 
• Adjustable-rate mortgages (ARMs)

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Requirements vary by program and overall borrower profile.

Yes, many conventional programs allow lower down payments.

In many cases, yes, once equity and servicing requirements are met.

No. They can also be used for second homes and certain investment properties.