About Conventional Loans
A conventional loan is the most popular mortgage option, particularly for borrowers with strong credit and a down payment of at least 3%. This loan is backed and serviced by a private mortgage lender, not a government agency.
There are two main types of conventional loans:
01
Conforming Loans
which conform to the guidelines set by the government-backed mortgage companies, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac)
02
Non-conforming Loans
which include jumbo loans, portfolio loans, or loans that otherwise do not follow the guidelines of Fannie Mae or Freddie Mac
Benefits
Lower costs and competitive interest rates with no program-specific fees
Flexible property options, including 10- to 30-year mortgages
Option to remove private mortgage insurance (PMI)
Requirements
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A credit score of usually 620 or more
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Down payment of as low as 3%
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Private mortgage insurance if you put down less than 20%
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Debt-to-income (DTI) ratio of up to 45%
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Conventional conforming loan limits
Secure Your Loan With Everest Lending
Ready to buy or refinance? Contact Everest Lending to determine if a conventional loan is the right option for you. With over 25 years of home loan experience, our team guides you through your mortgage options and the application process, helping you secure funding for your new home.
Why Choose Everest Lending?
Wide Range of Loan Options
Personalized Assistance
Competitive Mortgage Rates
Virtual & In-Person Consultations
Service Areas
Trusted Mortgage Solutions Near You
Everest Lending proudly serves clients across Pennsylvania with a full range of mortgage and lending solutions. Whether you’re purchasing a new home, refinancing, or securing funding for a property investment, our trusted team is here to guide you every step of the way. And since we’re local, we can even attend closings in person to ensure everything goes smoothly.