Flat Branch Home Loans Information on Conventional Loans

Conventional mortgages are your standard traditional mortgage. Conventional loans are often otherwise known as “conforming” loans, because they adhere to the guidelines provided by Fannie Mae & Freddie Mac. Loans made with conventional financing offer a myriad of flexibility as you can utilize this product for either a primary home, secondary residence or investment property. In connection with this there is no up-front guarantee fee, as seen on government financing. Rates (both fixed and ARM) and mortgage insurance options vary based on individual file characteristics such as, credit score, loan amount, loan-to-value, transaction type and occupancy type.

Program Highlights

  • With a 20% or more down payment → no monthly mortgage insurance is required

  • Ability to waive having escrows included in your payment with a 20%+ down payment.

  • Loan amounts up to $424,100

  • Flexible loan terms (i.e. 10, 15, 20 and 30 year)

  • Fixed and ARM rates available

  • Down payments as little as 3% (additional guidelines apply)

  • All occupancy types accepted (i.e. Primary, secondary & Investment)

  • Competitive rates and closing costs through Flat Branch Home Loans

Flat Branch Home Loans offers very competitive rates and closing costs, and our team of registered and licensed Mortgage Bankers have the knowledge and expertise to help navigate you through the path of both finding the right loan program and explaining the benefits of such.

Conventional 97%Conventional 95%
Down Payment Options 3%5.0% minimum
No PMI starting with 20%
Gifts AllowedYesYes
Maximum Loan Allocated$424,100$424,100
Minimum Credit Score 620620
Monthly PMIReduced Mortgage Insurance might be availableVaries by Credit Score

Jumbo Loans

In the instance that you and your family need to purchase a jumbo loan, Flat Branch Home Loans can help you through this process within the Conventional loan program. A jumbo mortgage exceeds the conforming loan limits of a conventional home loan by established regulations. A jumbo loan is anything above the $424,100 maximum Conventional loan allocation and is limited to $2 million. Flat Branch Home Loans works with jumbo loans everyday and understands you need a first-class loan. Please visit the Jumbo Loans page from the Loan Programs drop down menu to learn more about how you can qualify for your jumbo loan today.

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