Conventional Loans are mortgage loans offered by non-government sponsored lenders and conform to guidelines set by Fannie Mae (FNMA) or Freddie Mac (FHLMC). Conventional loans can be done on primary occupancy homes, second homes and investment properties. Every year, from October to October, Fannie Mae and Freddie Mac establish loan limits for Conventional Loans.
Conforming Loan Limits:
|Number of Units||Maximum original principal balance|
Raleigh Mortgage Group offers fixed rate and adjustable rate options with 10, 15, 20, 25 and 30 year term options. Below are some of the Conventional Loan Programs we offer with a minimum 620 credit score:
- 95% fixed rate financing for Owner Occupied Primary Residence, 3% of borrowers own funds, 2% or more gift is ok.
- 80% fixed rate financing, NO Mortgage Insurance, 20% gift ok for Owner Occupied Primary Residence
- 85% fixed rate financing for 2nd Home, Vacation Homes and Investment Properties
- 85% fixed rate Cash-out refinancing for Primary Residence
- 75% fixed rate Cash-out refinancing for 2nd homes and Investment Properties