Conventional Loans

Fannie Mae and Freddie Mac cover the landscape that is known as Conforming and Conventional loan programs.

These programs usually require 3-5% as a minimum down payment that must come from the borrower (unless the gift funds are greater than 20%) , unlike the FHA loan program where the borrower can receive a gift down payment from a relative or community program.

Conventional Loans are available in a Fixed Rate or Adjustable Rate Mortgage(known as ARM) with terms ranging from 10 years to 30 year for the fixed rate and from 3, 5, 7, and 10 terms available for the ARM loan. The ARM loan is amortized  for 30 years while the rate is fixed for the specified time.

Generally the loan limits for a Conventional loan is $417,0o0 (for single family homes, multi-family is higher)  while other areas such as King and Pierce County allow for a higher loan amount up to $542,000.  Some areas outside Washington state such as California and Hawaii allow even higher limits.

Bruce McLaughlin Home loan Puyallup Contact Bruce McLaughlin today to find out how much you will qualify for and where you can find your new home.

call 253-651-5755

email BruceMcLaughlin@eaglehm.com 

Eagle Home Mortgage 

NMLS 70081 

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