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What is a Conventional Home Loan?

EMS Video Banner December 2021 What is a Conventional Home Loan
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Conventional Home Loan


A conventional home loan is a type of mortgage that is not backed by a government entity. Instead, it's guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).


First-time homebuyers can put down as little as 3% down payment. However, if you can give a 20% down, the PMI or premium mortgage insurance will be automatically waived.


You need to have at least a 620 credit score and a  debt-to-income ratio of 45% or less to have a higher chance of approval with a conventional loan. Nonetheless, a conventional loan has a higher loan limit compared to other mortgages. It also offers better flexibility when it comes to loan terms and rates.


Ready to buy your first home?


See if you qualify for a conventional home loan. Call Ebenezer Mortgage Solutions today at (813) 284-4027 to learn more.


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