Conventional Loans | Sierra Seymour

Program Overview

Conventional loans are mortgage loans that are not backed by a government agency like the FHA, VA, or USDA. They follow guidelines set by Fannie Mae and Freddie Mac. Because they aren't government-insured, they typically require higher credit scores and lower debt-to-income ratios, but they offer more flexibility for borrowers who qualify.

These loans are ideal for borrowers with stable income, good credit history, and some savings for a down payment. They can be used for primary residences, second homes, and investment properties.

Key Benefits

No PMI with 20% Down

Avoid paying private mortgage insurance if you put down 20% or more.

Flexible Terms

Choose from 10, 15, 20, or 30-year fixed-rate terms, or various ARM options.

Property Types

Can be used for primary homes, vacation homes, and investment properties.

High Loan Limits

Conforming loan limits are adjusted annually, allowing for substantial purchasing power.

Standard Requirements

Credit Score: Typically 620 or higher. Better scores earn better interest rates.
Down Payment: As low as 3% for first-time homebuyers, and 5% for others.
Debt-to-Income (DTI): Generally up to 43-50%, depending on the overall strength of the file.
Employment: 2 years of steady employment history is standard.

Documents Needed to Apply

Pay stubs for the last 30 days
W-2 forms for the last 2 years
Bank statements for the last 2 months

Tax returns for the last 2 years (if self-employed)
Copy of driver's license
Social Security number

Ready to Get Started?

Let's see if a Conventional Loan is the right fit for your homeownership goals.

Apply for a Conventional Loan