One of the most common mortgages types, conventional loans follow guidelines set by Fannie Mae and Freddie Mac.
- Can be used for primary, second homes, or investment properties
- Low downpayments – can qualify with as little as 3% downpayment
- No monthly mortgage insurance required with a downpayment of at least 20%
- Maximum loan amounts of up to $1.5 million (Jumbo programs)
- Available in fixed rate, adjustable rate (ARMs), and 15-30 year terms