Conventional Loans in Maryland, DC & Virginia

Conventional Mortgage Loans in Maryland, Washington, DC and Virginia

A conventional mortgage is not insured or guaranteed by a government agency. Many conventional loans follow Fannie Mae or Freddie Mac guidelines, while other conventional products may use different investor requirements.

Conventional financing can be a strong option for first-time buyers, repeat buyers, homeowners refinancing and qualified investors.

Conventional Loan Highlights

Down payment options may start as low as 3% for eligible borrowers and properties.
Available for primary residences, second homes and investment properties, subject to program requirements.
Fixed-rate and adjustable-rate mortgage options may be available.
Loan terms can be tailored to payment and long-term financial goals.
Private mortgage insurance may allow qualified buyers to purchase with less than 20% down.
Gift funds and eligible down payment assistance may be permitted in qualifying transactions.

Conforming Loan Limits

Conforming loans must remain within the applicable annual loan limits established for Fannie Mae and Freddie Mac. Limits vary by year, county and number of units, and eligible high-cost areas may have higher limits.

We will confirm the correct limit for your property. You can also review the official FHFA conforming loan-limit resources.

Low-Down-Payment Conventional Options

Eligible buyers may qualify for a conventional mortgage with as little as 3% down. Some programs are designed for first-time or lower-income buyers, while standard conventional options may also allow low down payments without requiring first-time-buyer status.

The best program depends on income, credit, property type, occupancy and available funds. We can also compare conventional financing with FHA, VA, USDA and state or local assistance programs.

Private Mortgage Insurance

A conventional loan with less than 20% down will generally require private mortgage insurance (PMI), unless another approved structure is used. PMI protects the lender, not the borrower.

Monthly borrower-paid PMI may be cancellable after applicable equity and payment-history requirements are met. Lender-paid, single-premium, split-premium and qualified combo-loan structures may also be available. We will compare the interest rate, payment, cash required and long-term cost—not simply whether a separate PMI charge appears.

Fixed-Rate Mortgages

A fixed-rate mortgage keeps the same principal-and-interest rate for the entire loan term. Taxes, homeowners insurance and other escrowed expenses can still change. Fixed-rate financing is often attractive to buyers who value predictable principal-and-interest payments.

Adjustable-Rate Mortgages

An adjustable-rate mortgage (ARM) typically has a fixed initial period followed by scheduled adjustments based on the loan’s index, margin and adjustment limits. An ARM can be useful in the right situation, but borrowers should understand the initial period, first adjustment, future adjustment frequency and rate caps.