This type of loan provides you with lots of flexibility. It works well for purchase or refinance transactions and is very often used for primary homes, secondary homes, and investment properties. Terms and conditions of conventional loans are fully in line with guidelines created by the Fannie Mae and Freddie Mac agencies. Conventional loans are considered very affordable, with down payments as low as 3% (depending on the area of the property, borrowers’ credit history, and the type of property); but typical requirements for your down payment are going to be from 5% to 25%.
Loan amount up to $510,400
You may use a conventional loan to finance a property in a high-cost area
15 & 30 years fixed rate
Down payments as low as 3% depending on your loan amount