What is a Conventional Loan?
Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
How much of a downpayment do I need for a Conventional Loan?
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options - even down to just 3% for eligible borrowers!
Interested in more information or want to find out if you qualify? Give us a call today! (732) 969-9300 (NJ/FL) or (704) 230-0050 (NC/SC). You may also contact us here.