Conventional loans are the most widely used mortgage loans in the market. They are also called conforming loans because they adhere to the guidelines set by Fannie Mae and Freddie Mac, quasi-government institutions. As a result of this government backing, they offer the lower interest rates that most people are familiar with.
Conventional loans are used for both home purchase and refinance loans. Options include a wide range of amortization periods ranging over 10 to 30 years more and either fixed or adjustable interest rates.
While a down payment of 20% or more is necessary to qualify for the most favorable rates, mortgage insurance can make down payments of as low as 3% possible for most borrowers.
Call Bruce to discuss the options.