Home Loans

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A conventional mortgage is one that meets certain underwriting guidelines set forth by Fannie Mae and Freddie Mac.  Conventional loans are attractive to borrowers because they usually offer lower interest rates.  

Conventional Financing

Program Highlights:

  • Lower interest rates
  • No upfront or monthly mortgage insurance required if the down payment is greater is 20% or greater

Conventional Home Loans

The maximum size of a conventional loan is currently $484,350 for a single family residence.  Since conventional loans are not government insured, they do not require any upfront mortgage insurance and do not require monthly mortgage insurance if the down payment is 20% or greater.  At the end of the 2014 year, the minimum down payment for Fannie Mae conventional loans was reduced to 3% giving first time homebuyers a great opportunity for homeownership.  

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announce new loan limits every year.

For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: Federal Housing Finance Agency (FHFA)

Find out how you can take advantage of a conventional loan and reduce your monthly mortgage payments. Contact Mid-Island Mortgage today!

Find out which home loan is right for you. Contact us today.



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Legal ©2000-2019 Mid-Island Mortgage Corp.® 900 Merchants Concourse, Suite #112, Westbury, NY 11590. All Rights Reserved. This is not a commitment to lend. Loans with poorer credit scores are priced higher and are differentiated due to the high level of credit qualifying overlays. Restrictions Apply. Licensed Mortgage Banker-NYS Department of Financial Services; MA Licensed Mortgage Lender/Broker #MC1259; Licensed by the NH Banking Department; RI Licensed Lender/Broker; Licensed by the NJ Department of Banking and Insurance; FL Mortgage Lender/Servicer; ME Supervised Licensed Lender; Licensed by the PA Department of Banking and Securities; Licensed by the Delaware State Bank Commissioner to engage in business in this State, License # 9680; CT, MD & MN Licensed Mortgage Lender; SCBOFI Mortgage Lender/Servicer; Illinois Residential Mortgage Licensee; Licensed with the North Carolina Commissioner of Banks; DC Mortgage Dual Authority Licensee; Georgia Residential Mortgage Licensee, License # 57717; Virginia State Corporation Commission #MC-4685—by refinancing your existing loan, your total finance charges may be higher over the life of the loan.; NMLS ID 1259 (