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.
What is a Conventional Loan?
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
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
Different counties have different limits on how much you can borrow for a Conventional Loan.
Get Pre-Approved for a VA Loan
If you are looking to purchase a home in Chicago, including suburbs such as Plainfield IL, Naperville, Schaumburg IL, or anywhere in the entire state of Illinois, contact Kraus Mortgage Lending Team, a Division of Success Mortgage Partners, Inc. NMLS #130562 at (630) 234-7126 for more information, or simply fill out the form on this page.