Conventional Loans

In 2021, the conventional loan limit of Fannie mae & Freddie Mac is $548,250.

Conventional mortgages comprise 60% of the loans that we originate for our customers.

In years past, a typical conventional loan customer was a good credit customer with moderate debt and some money to put down on the transaction. Usually 20% to avoid mortgage insurance.

Nowadays, conventional loans have taken on a new look  with some excellent low money down programs, with reduced mortgage insurance.

Home Ready and Home Possible are two mortgage loan programs that offer low money down options as low as 3% down to first time home buyers. (Even on a condo!)

Here is a video from 2017 when we were offering as little as 1% down to go purchase a home.

Conventional loans are very sensitive to credit score. You can go as low as a 640 median credit score.  There are pricing adjustments below 740, 720, 700 and below so we have to do the math.

If your scores are lower than 640 we will have to take your loan FHA.

With FHA, we can go as low as 580.

DHL Mortgage – Your Trusted Mortgage Experts

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