Conventional Standard

Min. FICO 620 Up to 97% CLTV

Conventional loans are fully compliant with Fannie Mae and Freddie Mac guidelines. A Conventional Standard program is a traditional mortgage option with competitive rates and flexible down payments starting at 3%. The program is designed for creditworthy homebuyers looking for a straightforward path to homeownership.

Program features
  • Loan amounts up to $766,550
  • FICO 620
  • Up to 97% LTV
  • DTI up to 50%
  • Min down payment 3%
Why choose our Conventional Standard?
  • Temporary rate buydowns available
  • No overlays with FNMA/Freddie
  • Cancelable MI
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Program details

Loan amounts up to $766,550
DTI up to 50%
Minimum down payment 3%
LTV up to 97%
Primary residence, second home, investment
At least two consecutive years of stable income and employment
Min 2 months of reserves for second homes, min 6 months of reserves for investment properties and primary residences up to 4 units
Gift funds are allowed
PMI (private mortgage insurance) is required if down payment is less than 20%
At least 2 years out of credit events
Single-family homes, 1-4 units, condominiums, and townhomes
15, 20, 25 & 30 year fixed; 5/6, 7/6, 10/6 ARM
US citizens, Permanent Residents, Non-permanent Residents
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Conventional Standard FAQ

What is a Conventional loan?

One of the most common types of loans that home buyers come across is the Conventional loan. These loans are not backed by the government, like FHA and VA loans. Conventional loans follow the guidelines that Fannie Mae and Freddie Mac – two agencies responsible for standardizing mortgage lending – have set. But it is lenders, such as banks, that are responsible for approving their Conventional loan.

What documentation do borrowers need for a Conventional loan?

Among the documents borrowers may need for a Conventional loan are:

  • Fully completed loan application (1003)
  • Copy of driver’s license
  • Two years of full tax returns if self-employed – all pages and all schedules
  • Two years of W2’s for all borrowers
  • Two most recent pay stubs with year-to-date pay for all borrowers
  • Two most recent asset statements – all pages with full transaction history for all accounts
  • Copy of their mortgage statements on any properties owned if borrowers currently own
What types of homes can borrowers purchase with a Conventional loan?

Borrowers can purchase property types such as single-family homes, 1-4 Units, condominiums, and townhomes. These homes can be purchased as primary residences, second homes, or investment properties.

Will borrowers need mortgage insurance with a Conventional loan?

Private mortgage insurance (PMI) is typically required on a Conventional loan any Fannie Mae/Freddie Mac loan when there is less than a 20% down payment/equity position.

What credit score do borrowers need to qualify for a Conventional loan?

Credit score requirements for Conventional loans vary from lender to lender, but a Conventional loan may require on average a higher credit score than an FHA loan. For A&D Mortgage’s Conventional loans, borrowers will need to have at least FICO 620.

How much do borrowers need for a Conventional loan down payment?

The minimum down payment amount for a Conventional loan is 3% for a fixed-rate mortgage and 10% for adjustable-rate mortgages. It is best to have as much saved up as possible for a Conventional loan down payment as a down payment of 20% or more can eliminate the need to pay monthly private mortgage insurance (‘PMI’).

How much can clients borrow with a Conventional loan?

Fannie Mae and Freddie Mac set Conventional loan limits and they can vary by different areas in the U.S. To see what the loan limit is in their area, click here

What are the benefits of a Conventional loan?

Conventional loans may offer some advantages to other loan types. They require down payments as low as 3%, there may be less paperwork, and borrowers will not have monthly primary mortgage insurance (‘PMI’) with a down payment of at least 20%.

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