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Conventional Mortgage

Conventional Mortgage Loan

A Conventional loan is what many people think of when they think about a home mortgage. The loan follows the guidelines outlined by Freddie Mac and Fannie Mae (Government Sponsored Entities chartered by congress to promote homeownership in the U.S. housing market).

Some aspects of a Conventional loan:

  • Available in 15, 20, and 30-year term
  • 5% down payment (3% with certain restrictions)
  • Private Mortgage Insurance (PMI) is required if less than 20% down payment
  • Investment properties allowed (not available for many other mortgage options)
  • Some manufactured homes allowed (no singlewides)
  • Gift funds may be permitted to cover down payment and closing costs
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Thinking about buying a new home? BMN is here to help.

We believe that the borrower should be actively involved in the mortgage loan process every step of the way. From selecting the best loan product to understanding negotiating terms, Bankers Mortgage Network is here to assist.

Experienced

Our Mortgage Loan Advisors have decades of combined experience in the banking and home loan industry.

Local

Our local Loan Advisors not only know the area and the market but we are invested in our community too.

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Purchasing your first home or investment property? We offer mortgage loans for most every need.