What Is a Conventional or a Conforming Mortgage?

A conforming or conventional mortgage is the type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional mortgages may be fixed-rate or adjustable-rate mortgages

Typically a conforming mortgage requires a minimum 10% to 20% down payment, a credit score minimum 620 and a total debt ratio not exceeding 41-44%.

Do You Qualify for Conventional Mortgage?

Go ahead complete the Pre-Approval form. One of our family mortgage professionals will contact you to get you on your path to home ownership.