Conventional Loan Programs
Conventional loans are loans that are underwritten to meet the guidelines issued by Fannie Mae and Freddie Mac guidelines. Conventional loan programs are the most traditional and common loans used in the marketplace today. Conventional loan programs include fixed rate loans, adjustable rate mortgage (ARM) loan products and balloon loan programs.
Until recently conventional loan programs were limited to a total loan amount of $417,000. The Housing and Economic Recovery Act of 2008 changed Fannie Mae's charter to expand the definition of a "conforming" loan. Two sets of limits are provided for first mortgages -- general conforming loan limits, and high-cost area conforming loan limits. It is important to note that the high-cost area conforming loan limits vary according to county, but the highest high-cost area conforming loan limit is currently $729,750.
Click here for more information about the loan limit in your area.
Below are some of the many conventional programs we offer. Some of these products are available with an interest-only feature.
- Fixed Rate Mortgages (available in terms ranging from 10 years to 30 years)
- Adjustable Rate Mortgages (available in terms ranging from 1 year to 10 year fixed rate periods)
- Rate & Term Refinances
- Cash-out Refinances
- Fannie Mae DU Refi Plus®
- Freddie Mac Refinance Relief Open Acces®
To see if a conventional loan is right for you, please contact us today.