Conventional Loan

A conventional loan is a type of mortgage we offer with flexible terms and competitive rates. It is a solid financing option for homebuyers of all backgrounds who meet basic credit and income requirements.

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What Is a Conventional Loan?

A conventional loan is a type of mortgage loan that is not insured by the government but is backed by private lenders like RWM Home Loans. Conventional loans can offer excellent advantages for those who qualify and offer financing for property types that are commonly restricted by other loan types.

What Is the Minimum for a Conventional Loan Down Payment?

As low as 3% down payment

Conventional Loan
Benefits

Higher credit could mean better interest rate

Mortgage insurance (PMI) can be terminated after 20% equity is achieved

More lenient appraisal and property requirements

Faster processing

Variety of term options

Conventional Loan Requirements

Proof of income

Proof of assets

Proof of down payment/gift source

Minimum credit score based on loan type

Loan limits vary by county*

*To learn more about your county’s Conventional income limits, please visit: Fannie Mae and Freddie Mac

Mortgage Lending Simplified

Download the free RWM Home Loans Fluid Mobile App today and get started on your journey to homeownership.

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