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. Mitchell Mortgage offers conventional mortgages in Woodland, as well as all of California.
What is 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.
Conforming vs. Non-Conforming Loans
Conventional loans are split into two types: conforming and non-conforming.
Benefits of Conventional Loans
Conventional loans are intended for borrowers with better income and credit scores, and have good rates and flexibility.
Conventional Loan Limits
Different counties have different limits on how much you can borrow for a Conventional Loan.
Get Pre-Approved for a Conventional Loan
Conventional really just means it will be A Fannie Mae or Freddie Mac loan. It will not be a low doc, FHA, VA, Alternative Underwriting, a Home Equity Line of Credit, or Hard Money Loan.
If you really want to discuss the meaning of Conventional Loans, please call me, Michael Mitchell, 530-406-2200 or 707-259-1117 or 707-337-5970 mobile. It won’t take long!