Conventional Loans

Conventional loans are any type of creditor agreement not financed by the Veterans Affairs (VA) or Federal Housing Association (FHA). A Conventional loan is always protected by government-sponsored entities such as Fannie Mae (FNMA) and Freddie Mac (FHLMC).

There are two distinct types of Conventional loans – conforming and non-conforming. Conforming loans are required to meet guidelines set by Fannie Mae and Freddie Mac. All other loans that do not meet these requirements are non-conforming loans.


  • Lower Fees: Since rates are set by the lender, fees associated with Conventional loans can often be lower in comparison to other loan products.
  • Interest Rates: Lenders look at borrowers’ creditworthiness when determining rates to offer. A person is more likely to secure a lower rate if their credit score is solid.

Note: For down payments that are less than 20%, Private Mortgage Insurance (PMI) is required.

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