Conventional

Conventional Loan

For people in search of a basic loan.

About Conventional Loans

Conventional mortgages are the most popular option for borrowers looking to purchase or refinance a home. Borrowers may choose between fixed- and adjustable-rate mortgages with terms from 10 to 30 years. Conventional mortgages are not insured or guaranteed by any government agency and may be sold to Fannie Mae or Freddie Mac.

Many borrowers enjoy the consistent monthly payment that comes with a fixed-rate Conventional loan, as this tends to make budgeting easier. However, adjustable-rate mortgages (ARMs) may make the initial payment lower with the payment adjusting after the fifth, seventh, or tenth year and every two years after for the term of the loan.

Why Get a Conventional Loan?

  • Put down as little as 3%.*
  • Credit scores as low as 620 may be accepted.
  • Fixed rates offer consistent monthly payments and simplify planning and budgeting.
  • ARMs may have lower initial monthly payments than fixed-rate loans and adjust after the fixed term.
  • Available for purchase, refinance, or cash-out refinance.
*Depending on specific loan characteristics.

Want to learn more?

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    *By submitting a request to be contacted, you agree that New American Funding may contact you at the telephone number or email address you have provided for purposes of fulfilling this inquiry about mortgage financing, even if you previously registered on a corporate, state, or federal Do Not Call registry or requested New American Funding not send marketing information to you by use of phone, email or text message. You agree New American Funding may use automated dialing systems and prerecorded voice messaging in connection with calls or texts made to any telephone number provided even if call or text results in a charge by your provider. Consent to receiving autodialed calls or texts is not required as a condition of purchasing any New American Funding products or services and you may choose to contact Rae Drake at 352-514-1829