Conventional Loans

 

A good fit for most borrowers without special circumstances and that have good credit.
 

  • Down payments as low as 3% for a primary residence

  • Higher maximum loan limits than some programs such as FHA

  • Financing available for secondary and investment properties

  • Fixed rate and Adjustable Rate Mortgage (ARM) options available

  • No up-front or monthly mortgage insurance with 20% down payment

  • Typically, have lower interest rates and lower fees than other types of loans

Conventional Down Payment Requirements

Conventional Loans for purchase transactions require the buyer to put down at least 5% - 20% of the purchase price of the home. Most lenders require at least 10% equity in the property on refinance transactions. You might qualify for a HARP 2.0 Loan if you don't have enough equity to qualify for a conventional refinance.

Eligible Property

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.

Find out if a conventional loan is right for you. Contact one of our licensed loan officers.

AZ BK# 10123 (CA Lic. #603K986)    Suburban's NMLS ID 3089      NMLS Consumer Access     Privacy Policy     Opt-Out Form
©Suburban Mortgage, Inc. All rights reserved.