CHOOSE PierPoint Mortgage For Your New Home Purchase
A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans Affairs (VA) loan programs.
Conventional mortgages are either fixed mortgages or adjustable-rate mortgages, including the 30-year fixed, 15-year fixed, hybrid ARMs and interest-only loans. Conventional loans can be used to refinance a mortgage or for a new home purchase.
Conventional loans can be conforming or non-conforming, with conforming meeting the standards set forth by government-sponsored enterprises, such as, Fannie Mae and Freddie Mac.
We offer a 3% down program for those clients who qualify, otherwise a 5% down program is available. You can as always put down as much as you want 10%, 15%, 20% or more.
Conventional loans require a higher credit score than an FHA or other government sponsored mortgage. Conventional loans are meant for those with good to excellent credit history.