Conventional Home Loans

A conventional mortgage is not insured or guaranteed by a federal government loan program. Conventional loans can be conforming or nonconforming; a conforming loan follows the applicable Fannie Mae or Freddie Mac requirements.

What to consider

• Purchase and refinance options may be available for eligible properties and occupancy types.
• Down payment, credit and documentation requirements depend on the lender and program.
• Mortgage insurance may apply depending on the loan structure and equity.
• Conventional, conforming and qualified mortgage describe different aspects of a loan.

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Program information is subject to lender guidelines, eligibility, and change. Contact LendEase to confirm the options available for your situation.

What should a homebuyer compare?

Start with your intended occupancy, available down payment and the payment you are comfortable with. Ask the lender to explain the rate structure, repayment term, mortgage insurance if applicable, closing costs and reserves. A smaller down payment is not the only consideration: the complete monthly payment and funds needed at closing matter too.

How does this compare with other programs?

Compare conventional financing with FHA when appropriate, and discuss alternative documentation if your earnings are not well represented by standard records. For a larger loan amount, ask whether the applicable conforming limit makes a jumbo comparison relevant. LendEase helps you review options from multiple lenders; the lender makes the credit and eligibility decision.