Who it is for
- Buyers and homeowners who fit standard income, credit, and property rules.
- People who can put enough down to avoid mortgage insurance, or who are fine with PMI until they can cancel it.
- Investors and second-home buyers, with stricter rules than a primary home.
How it usually works
- We match the file to lenders who want that kind of conventional loan.
- If the loan amount is over the conforming limit, look at jumbo loans instead of forcing a conventional quote.
- PMI, when it applies, is part of the payment. Ask when it can drop off.
Read this before you get attached
- “Conventional” is not automatically the cheapest. FHA or VA can win for the right borrower.
- Condos, manufactured homes, and unique properties have extra rules.
Questions worth asking
- Is this loan conforming in this county?
- If I put less than 20% down, what is the mortgage insurance and when can it be cancelled?
- What credit and reserves is this lender actually using right now?