Conventional Loan Product List
Conventional loans come in different variations depending on the borrower’s needs, financial situation, and property type.
Standard Conventional Loans (Fannie Mae & Freddie Mac)
Conventional 97 Loan – 3% down for first-time homebuyers or repeat buyers HomeReady® (Fannie Mae) – 3% down, lower mortgage insurance, ideal for low-to-moderate income buyers Home Possible® (Freddie Mac) – 3% down, flexible income sources allowed Standard 30-Year Fixed Loan – Most common loan, fixed rates, 5-20% down recommended 15-Year Fixed Loan – Faster payoff, lower interest rates, higher monthly payments
Conventional Loans for High-Balance & Unique Situations
High-Balance Conventional Loan – For areas with higher loan limits but not classified as Jumbo Adjustable-Rate Mortgages (ARMs) – Lower initial rates, then adjusts after 5, 7, or 10 years (e.g., 5/1 ARM, 7/1 ARM) Interest-Only Conventional Loans – Lower monthly payments for a set period before principal repayment begins
Conventional Loans for Investment & Second Homes
Second Home Loan – 10% down required, vacation home financing Investment Property Loan – 15-20% down required, cash-flow-friendly options for rental properties DSCR Loan (Debt Service Coverage Ratio) – No personal income verification, based on rental income
No PMI (Private Mortgage Insurance) Conventional Options
20% Down Conventional Loan – Avoids PMI entirely Lender-Paid Mortgage Insurance (LPMI) – Higher rate, but no monthly PMI
Refinance Options for Conventional Loans
Rate-and-Term Refinance – Lower your rate or change loan terms Cash-Out Refinance – Borrow against home equity for renovations, debt payoff, etc. Streamline Refinance (Fannie Mae/Freddie Mac) – Easier refinance with limited documentation
Want to Learn More?
Not sure which loan is best for you? Get a personalized loan consultation! contact me today! Direct at 720-217-8439