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CONVENTIONAL LOAN

For current rates on the following loan programs, please contact your local office today!

A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. 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.

Fixed rate mortgages have a set interest rate for the entire length of the mortgage term which can be between 10 and 30 years. An adjustable-rate mortgage (ARM) has a term of 30 years with a low introductory rate for a fixed period followed by periodic adjustments according to a specific benchmark.

Properties Eligible for Conventional Financing

  • Many types of properties are eligible for conventional financing. They include:
  • Single family homes (detached homes)
  • PUDs, or Planned Unit Developments which typically consist of detached homes within a homeowner's association
  • 2-,3-, and 4-unit properties
  • Condominiums
  • Some co-op properties
  • Manufactured homes
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