Conventional Loan

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A conventional loan is not insured or guaranteed by a government agency and follows guidelines set by Fannie Mae or Freddie Mac. 

Conventional loans may allow down payment options starting as low as 3% for borrowers who meet first-time homebuyer *eligibility requirements. 

 Who Is Considered a First-Time Homebuyer?

For conventional loan purposes, a first-time homebuyer is generally defined as:

• An individual who has not owned a residential property in the past three years, or 
• A borrower purchasing a home for the first time, or 
• An individual who previously owned a home but has not had ownership interest in a primary residence within the last three years
   

*Eligibility is subject to program guidelines and underwriting review.