Conventional Mortgages - My CCNB

Conventional Mortgages

Conforming Fixed Rate Mortgage Loans

Fixed rate mortgages (i.e., conforming fixed), are conventional mortgage loans that meet GSE (Fannie Mae and Freddie Mac) underwriting guidelines. The most well-known guideline is the size of the home loan, which in this lending area is limited to $417,000 for a single-family home. Typically, these programs offer the best rates and terms as they are funded through a government-sponsored enterprise. Most single-family residences, townhomes and some condos might also qualify. It is worth noting that loans with less than 20% down require private mortgage insurance (PMI). Fixed rate mortgages are typically available in 30- year fixed, 15- year, or 10- year fixed options.

Conforming Adjustable Rate Loans

Adjustable Rate Mortgages are conventional mortgage loans that meet GSE (Fannie Mae and Freddie Mac) underwriting guidelines. The most well-known guideline is the size of the loan, which in this lending area is limited to $417,000 for a single-family home. Typically, these programs offer the best rates and terms as they are funded through a government-sponsored enterprise. Most single-family residences, townhomes and some condos might also qualify. It is worth noting that loans with less than 20% down require private mortgage insurance (PMI).

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Here are some additional resources especially for first-time home buyers:
• The Mortgage Process
• Tips for first time home buyer
• Tips Every Home Buyer Should Know

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