Conventional Loans

General Overview

A mortgage not insured or secured by a government entity. It is issued based on guidelines of the (GSEs) Government Sponsored Enterprises. Fannie Mae and Freddie Mac, These loans offer down payments from 3% up.

This is traditional financing for residential loans of 1-4 family structures, it can be used for primary, 2nd home-vacation home. or an investment property. Borrowers can put down as little as 3% (restrictions apply) or more. Mortgage insurance is required with less than 20% down. The property types include- single, 2 family, 3 family or 4 family dwellings, condo, manufactured, and attached housing.

Loan limits vary by county and will change annually.


  • Borrower must have a minimum of 620 credit score
  • Down payment and closing costs can be a gift from family
  • Seller can pay buyers closing costs
  • Can use non – occupying co-signer
  • Reserves often needed ( reserves are principal, interest, tax, insurance, and any association if applicable ) are available after closing


Are there any grants currently available in association with these loans in Ohio or Florida?

Both states and many counties offer different options. Please reach out to identify and discuss options.

Is there a certain credit score or down payment requirement?

620 credit score, and often 3% down payment minimum