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Conventional Loans

What are Conventional Loans?

A conventional loan is any mortgage that is not insured or guaranteed by the government, such as the Federal Housing Administration (FHA), Department of Veteran Affairs (VA) or Department of Agriculture (USDA/RD).  Conventional loans can be conforming and non-conforming.

Find out why
Brokers are Better!

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Interest rates and fees can change significantly from lender to lender.

Conventional conforming home loans

  • Loan amounts up to $726,200

  • The minimum credit score is a 620.  Your credit score will impact yourmortgage interest rate. Typically, the higher your credit score, the better the rate.

  • No mortgage insurance is required with a 20% or more down payment. If your down payment is less than 20%, mortgage insurance is required. 

  • Minimum down payment is 3% (must be a primary residence).

  • Mortgage insurance may be automatically dropped when the mortgage balance reaches 80% of the current property value. 

  • Gift funds are allowed.

  • You can pick any term you'd like from 5 years to 30 years.  

 

Jumbo (non-conforming) conventional loans

  • Loan amounts greater than $726,200

  • Minimum Credit score is 680.  

  • Minimum down payment is 10.01% (must be a primary residence or second home).

  • Mortgage insurance may be dropped when the mortgage balance reaches 80% of the current property value. 

  • There are debt to income limitations.

  • Can require more documentation and have more strict underwriting guidelines.

Get Started in less than 10 Minutes 

Get pre-approved with our on-line mortgage application.  It's simple, fast & secure!

NMLS # 1694337

Galipeau Mortgage LLC is not endorsed by, nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration, the Veterans Administration, the U.S. Department of Agriculture or the Federal Government. All programs are subject to credit and income qualification. This is not a guarantee of financing or a firm offer of credit. Interest rates are not guaranteed and subject to change or become unavailable at time of commitment or closing commitment  

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Galipeau Mortgage LLC is an Equal Housing Lender.

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