A conventional mortgage is a home loan that isn't guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac are called Conforming Loans. Borrowers who put 20% down do not have to pay PMI (Private Mortgage Insurance). Conventional mortgages are ideal for borrowers with good or excellent credit. Although, depending on the financial institution and the borrower's circumstances, applicants with lower credit scores may qualify.
|97% Financing for Home Ready / Home Possible Program|
|95% Financing on conforming and high balances|
|Gifts are allowed|
|Closing cost can be financed with a Seller's Concession|
|Fixed and adjustable rate options|