CONVENTIONAL LOANS

Feel Stable and Secure in your Home and Payment Plan
  • No lender fees1
  • Loan amounts up to $647,200
  • Great Rates
  • 97% financing for first-time homebuyers
What is a Conventional Loan?

A conventional mortgage is a loan that “conforms” to the Federal Finance Housing Agency (FHFA) guidelines and are guaranteed by Fannie Mae or Freddie Mac. Conventional mortgages are sometimes called conforming mortgages.

Types of Conventional Loans

What is a Conventional Fixed-Rate Mortgage?

A fixed-rate mortgage has a rate that is locked in for the life (or term) of the loan. The interest rate will not change.

What is a Conventional Adjustable-Rate Mortgage?

An Adjustable-Rate Mortgage (ARM) has an introductory period with a lower interest rate that will adjust up or down with the market once the introductory period is up. Depending upon current interest rates – an ARM’s rate can be lower than a fixed-rate mortgage. That’s especially true for a Jumbo or Super Jumbo mortgage.

Mortgage Knowledge Center

What is a Conforming Loan?
What is a Conventional Loan?

How Do I Get a Conventional Loan?

You'll need the following to qualify for a conventional loan for all borrowers:

  • Satisfactory credit score (typically 650 or higher)
  • Proof of income - typically 1 - 2 months of paystubs
  • At least 1 year of W2s

Possible additional financial verification like:

  • Self-employment income
  • Current debts information (auto, alimony, credit card, etc.)
  • Acceptable debt-to-income ratio (DTI)

Free eBooks Download

EBOOKS

  • Buying a Home
  • Selling your Home
  • Refinancing Your Home

PenFed Mortgage Products

Disclosures Print Icon Print

1Other fees may apply, such as discount points to buy down your rate.

PenFed PenFed, Inc FREE - On Google Play