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Conventional Loans

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, or USDA Loans), but they typically meet the lending guidelines set by Fannie Mae or Freddie Mac. These loans often come with better rates, more favorable terms, and lower fees compared to other financing options. However, conventional loans usually require borrowers to have good-to-excellent credit, a stable monthly income, manageable debt levels, and a down payment ranging from 5% to 20%.

If you’re planning to buy a home in the Sunshine State, exploring a Conventional Loan Florida option could be a smart move. Conventional loans are ideal for financially strong borrowers looking for flexible property choices and competitive terms. Whether you’re a first-time buyer or upgrading your dream home, a Conventional Loan Florida offers the stability and affordability you need to move forward with confidence.

Most Common Types of Conventional Loans

Home Loans

Fixed Rate Mortgages: Your rate and payment never change.

Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.

What are the Conventional Down Payment Requirements?

For Purchase transactions Conventional Loans require the home-buyer to put down at least 5% - 20% of the purchase price of the home. For a Refinance transaction, most lenders require at least 10% equity in the property.

What types of property are eligible?

Most conventional loan programs allow you to purchase single-family homes, warrantable condos, planned unit developments, and 1-4 family residences. A conventional loan can also be used to finance a primary residence, second home and investment property.

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