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Conventional/Conforming Mortgage Home Loans

What Are Conventional/Conforming Loans?

Coventional also known as Conforming Mortgage Loans are mortgage loans that meet the credit and income guidelines of the government sponsored enterprises of Fannie Mae and/or Freddie Mac.

Under their eligible financing guidelines, investors (buyers of the mortgage & note) are offered the comfort of knowing that loans approved by Fannie Mae & Freddie Mac guidelines have a low risk of defualt.

Under Fannie Mae & Freddie Mac underwriting guidelines if you borrower more than 80% of the value of your home you are required to have a mortgage insurance policy that protects the investor (owner of your mortgage) in case you default.

When would I want to use this Loan Product?

When your credit score is above 620, and your new monthly mortgage payment including property taxes, homeowners insurance and if required Monthly Mortgage Insurance is not more than 43% of your households gross monthly income.

Due to the expanding financial market other loan programs are available that may provided better lending terms without any required mortgage insurance.

By completing our brief online Real Time Loan Quote we will calculate your monthly payments with all products and provide you with real numbers so you can make an educated decision.