Conventional Loans

Conventional mortgages are insured by private companies. Typically, these loans must meet the guidelines set forth by either Fannie Mae or Freddie Mac.

Conventional Loan Types

There are a number of conventional loan types offered by Main Street Home Loans with down payment options starting as low as 3% down.

Loan limits per county can be found HERE.

Some of the popular Conventional loan options include:

Fixed Rate

A fixed-rate mortgage has an interest rate that stays the same for the entire life of your loan.  This offers a predictable monthly payment for a term of 10 – 30 years.
Program Highlights:
  • Interest rate security
  • Monthly payment stability
  • Best for buyers planning to stay in their homes for a long time

Adjustable Rate

Adjustable rate mortgages (ARMs) may allow you to lock in a low, introductory interest rate that could increase over time.  A hybrid ARM offers a fixed period (typically 3-10 years) followed by a yearly adjustment to the interest rate.  Hybrid ARMs are often represented by fractions, such as 5/1 – meaning the first rate reset takes place after five years and continues to reset each year for the life of the loan.
Program Highlights:
  • Low starting interest rate
  • Lower monthly payments during the initial term
  • Best for buyers planning to keep their loan for a shorter period

Curious if you qualify?