Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. Craft Home Loans offers conventional mortgages in La Mesa, as well as all of California.
What is a Conventional Loan?
Conventional loans are mortgage loans used for either purchase or refinance that are not insured by a government entity, but conform to the guidelines of either Fannie Mae or Freddie Mac. They may have either a fixed or adjustable rate. Conventional loans have minimum down payment requirements as low as 3%.
Conforming vs. Non-Conforming Loans
Conventional loans are split into two types: conforming and non-conforming.
Benefits of Conventional Loans
Conventional loans are intended for borrowers with better income and credit scores, and have good rates and flexibility.
Conventional Loan Limits
The nationwide loan limit is $424,100. However, different counties have different limits on how much you can borrow for a Conventional Loan. San Diego County has a loan limit of $612,950.
Ask a Question About a Conventional Loan
If you are looking to purchase a home or refinance in La Mesa, El Cajon, Alpine CA, Mt. Helix, greater San Diego or anywhere in the state of California, contact Craft Home Loans at (619) 867-0975 for more information, or simply fill out the form on this page.