Why Choose a Conventional Mortgage (Fannie Mae/Freddie Mac)?
A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans including
Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.
Down payment minimum 3% of sales of price unless value comes in lower
Purchase of Single Family Primary Residence
Gift for down payment and closing costs allowed
Seller can credit up to 6% of sales price towards buyers closing costs and prepaid items, conditions apply
Higher loan limits for multi-family up to 4 units
Special first-time home buyer programs available
*Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency.