Conventional Conforming loans are typically backed by the Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac).
The loans are available to borrowers meeting the loan guidelines set forth by these entities allowing for maximum flexibility for then needs of the consumer.
Conventional Mortgage Highlights:
- Down payment options starting at 3%
- Fixed Rate amortization options starting at 30 years to 10 years
- Conventional Adjustable Rate are offered with initial fixed rate options of 1 year, 3 years, 5 years, 7 years and 10 years
- Private Mortgage Insurance required for loan with an LTV above 80%
- Can be combined with second mortgages to avoid Private Mortgage Insurance, such as Power Plus
- Can be used for primary residence, second homes and investment properties
- Options to escrow or not escrow your taxes and homeowners insurance
- Right to prepay without penalty
- Allows for the ability to cash out equity from the property
- Ideal loan for borrowers with excellent credit and down payment ability
- Maximum loan limit for Conventional Conforming loans is $417,000
First Integrity Mortgage Services is positioned in our St. Louis, MO and Illinois mortgage markets to assist area borrowers with one of the largest purchases of their lives. The Home Loan options with Conventional Conforming financing can be catered to the wants, needs and requirements of any borrower. Have a mortgage loan expert at First Integrity Mortgage Services help you to navigate the waters of the Conventional Mortgage process.