Conventional Loans


Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.  We offer these loans with 3%, 5%, 10%, 15%, 20%+ down payments or any amount in between.

If you have less than 20% down payment then private mortgage insurance is required.  This is a way to buy sooner rather than later since you will not have to wait as long to come up with a down payment.  We can often closed these loans in less than 30 days if desired.

Conventional Loan Benefits

The payment for conventional loans can be a bit lower than on an FHA if your credit score is higher than your cost of your mortgage insurance goes down.  Thus your overall APR ends up being lower, and this makes conventional loans advantageous for the right candidate.  This is available for credit scores as low as 620 with an improvement in rate/price as you get to each higher tier of credit scores, for example 620-639 is one tier, 640-659, 660-679, 680 – 699, 700-719, 720-739, and 740+.

Conventional Loan Limits

Usually the limit for conventional loans is $453,100 unless you are in a high balance county.  We offer loans securitized by FNMA and FHLMC, however, the loan limits are the same for both.


 Get Pre-Approved for Conventional Loans

Although we are located in Oswego, IL, to help better serve our clients, we also lend in Naperville, Aurora, Plainfield and all throughout the states of Illinois and Wisconsin.  Click here to get Pre-Approved today!