Conventional Loan Programs
Typically featuring better rates, terms and/or lower fees than other mortgage loan types.
A Conventional mortgage loan is not insured by the government unlike a FHA, VA or USDA loan and typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Most Conventional loan programs allow you to purchase, refinance or renovate single-family homes, warrantable condos, planned unit developments (PUD), and 1-4 family residences. It can also be used to finance a primary residence, second home or investment property. The most common Conventional mortgage loans are fixed rate mortgages and adjustable-rate mortgage loans.
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Featuring loan terms from 5 years to 30 years, with a fixed rate mortgage your interest rate remains the same even if mortgage interest rates increase. If rates fall, you can refinance to a lower rate. Because your interest rate remains the same, your monthly mortgage payment also remains the same making for easy budgeting.
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Adjustable-rate mortgage (ARM) loan programs offer lower initial rates and mortgage payments. A cost-effective solution for prospective homebuyers with short-term mortgage goals, the first number in your ARM program refers to the fixed rate period at the start of the mortgage. The second number in the ARM program references the intervals your rate will be reset following the introductory fixed rate period.
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Stay informed on the moving market and get alerted when rates drop.
SUBSCRIBEA conventional mortgage is a type of home loan that is not insured or guaranteed by the federal government. Instead, it's backed by private lenders like banks or mortgage companies.
Typically, borrowers with strong credit histories, stable employment, and a sufficient down payment are eligible for a conventional mortgage. Contact your mortgage lender today to review eligibility requirements.
If your down payment is less than 20%, you'll likely be required to pay for private mortgage insurance which protects the mortgage lender in the event of default on the loan.
Conventional mortgages often come in various term options usually ranging from 10 to 30 years.
Yes, conventional loans are available in both fixed-rate and adjustable-rate mortgage (ARM) options.
Conforming loans meet the guidelines set by Fannie Mae and Freddie Mac while non-conforming loans do not. The most common reason for a loan to be non-conforming is that it exceeds the maximum loan limit set by these agencies.
Yes! Conventional mortgages can be refinanced to usually take advantage of lower interest rates or to shorten the loan term.
Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.
Ready to learn more about conventional loan programs? Tidewater Home Funding's team of local experts are here for you.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.