The most popular mortgage option offering competitive rates, flexible terms, and no government restrictions. Perfect for buyers with good credit.
Conventional loans are not insured by any government agency, which means they often have stricter requirements but also offer more flexibility in terms and property types.
Conventional loans can be used for primary residences, second homes, and investment properties. They also offer a wide range of down payment options, from as little as 3% for first-time buyers to 20% or more to avoid private mortgage insurance.
If you put down less than 20%, you'll pay private mortgage insurance (PMI). The good news is that PMI can be automatically removed once you reach 22% equity, or you can request removal at 20% equity.
Getting started with your Conventional Loan loan is simple. Follow these steps to begin your homeownership journey.
Complete our quick online form to see your estimated loan amount and rates - no impact on your credit score.
Provide proof of income, employment verification, bank statements, and identification for full pre-approval.
Receive your official pre-approval letter showing sellers you're a serious, qualified buyer.
Shop with confidence knowing exactly what you can afford. We'll be here when you find the perfect home.
Complete the final steps, sign your documents, and get the keys to your new home!
Conforming loans meet Fannie Mae and Freddie Mac guidelines, including loan limits. Non-conforming loans (like jumbo loans) exceed these limits or don't meet standard guidelines.
Some lenders offer lender-paid PMI options or piggyback loans. However, these typically come with higher interest rates. Putting 20% down is the most cost-effective way to avoid PMI.
First-time buyers may qualify for as little as 3% down. Most buyers will need at least 5% down, and 20% is required to avoid PMI.
Yes! Conventional loans can be used for investment properties, though you'll typically need a larger down payment (15-25%) and a higher credit score.
Real experiences from homeowners who chose Conventional Loan loans
"Alfredo and his team made our first home purchase so easy! As first-time buyers, we had so many questions, and they patiently walked us through every step. We closed in 3 weeks!"
"As a veteran, I was thrilled to work with someone who understood the VA loan process. The team made everything smooth and stress-free. Highly recommend!"
"Professional, knowledgeable, and genuinely caring. The Madrid Mortgage Team got us an amazing rate and closed faster than we expected. Thank you!"
"We were nervous about the refinance process, but Alfredo explained everything clearly and got us a rate that saves us $400/month. Amazing service!"
Take the first step toward your dream home. Our simple pre-qualification process takes just minutes.
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