Conventional mortgages refer to those that follow the guidelines set forth by Fannie Mae and Freddie Mac. These are two "Government Sponsored Enterprises" that purchase loans from banks which follow the guidelines set forth in their Mortgagee Letters. These are known as conventional programs.
Typically going conventional means good to excellent credit requirements and a higher down payment than FHA or VA (usually more than 5% down).
Anything outside of the Fannie Mae/Freddie Mac scope will usually be fit into the FHA, VA or Jumbo guidlelines; however, conventional are the first set of programs that a borrower attempts to qualify for.
To see if you can qualify for a conventional program please get in contact for a free consultation. Apply
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