Conventional Loan Programs
Typically featuring better rates, terms and/or lower fees than other mortgage loan types.
Featuring loan terms from 5 years to 30 years, with a fixed rate mortgage your interest rate remains the same even if mortgage interest rates increase. If rates fall, you can refinance to a lower rate. Because your interest rate remains the same, your monthly mortgage payment also remains the same making for easy budgeting.
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Adjustable-rate mortgage (ARM) loan programs offer lower initial rates and mortgage payments. A cost-effective solution for prospective homebuyers with short-term mortgage goals, the first number in your ARM program refers to the fixed rate period at the start of the mortgage. The second number in the ARM program references the intervals your rate will be reset following the introductory fixed rate period.
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A conventional mortgage is a type of home loan that is not insured or guaranteed by the federal government. Instead, it's backed by private lenders like banks or mortgage companies.
Typically, borrowers with strong credit histories, stable employment, and a sufficient down payment are eligible for a conventional mortgage. Contact your mortgage lender today to review eligibility requirements.
If your down payment is less than 20%, you'll likely be required to pay for private mortgage insurance which protects the mortgage lender in the event of default on the loan.
Conventional mortgages often come in various term options usually ranging from 10 to 30 years.
Yes, conventional loans are available in both fixed-rate and adjustable-rate mortgage (ARM) options.
Conforming loans meet the guidelines set by Fannie Mae and Freddie Mac while non-conforming loans do not. The most common reason for a loan to be non-conforming is that it exceeds the maximum loan limit set by these agencies.
Yes! Conventional mortgages can be refinanced to usually take advantage of lower interest rates or to shorten the loan term.
Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.
Ready to learn more about conventional loan programs? Tidewater Home Funding's team of local experts are here for you.
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This is not a commitment to lend. All loans subject to program guidelines including credit and property approval. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency. Sample payment obligation may be greater than what is stated in scenario. Please contact a licensed loan officer for more information.