Home / Standard Mortgages
Standard mortgages
The most popular way to buy a home. Fixed payments, flexible terms, and private mortgage insurance that goes away as you build equity.
A conventional mortgage is a home loan that is not insured by a government agency. Most follow Fannie Mae and Freddie Mac guidelines, which is why they are also called conforming loans.
Because there is no government guarantee, approval leans on your credit, income, and down payment. In exchange you get the most flexibility: you can buy a primary home, a second home, or a rental, and choose a 15, 20, or 30-year fixed rate or an adjustable rate.
First-time buyers can put down as little as 3%. Everyone else can generally put down 5%. Putting down 20% or more avoids private mortgage insurance altogether.
You can ask to cancel private mortgage insurance once you reach 20% equity, and it ends automatically at 22% equity based on your original payment schedule.
Rising home values can get you there faster. A new appraisal showing enough equity may let you drop PMI early, which can save a meaningful amount every month.
If you have a credit score around 680 or higher, conventional often costs less over time because PMI drops off. Veterans and buyers in eligible rural areas usually save more with VA or USDA.
Brian will price each option side by side with your real numbers so you can see the monthly payment and total cost before you choose.
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Estimates only. Your actual rate, APR, and payment depend on credit, loan amount, property, and market conditions. PMI is estimated at 0.6% per year when a conventional down payment is under 20%.
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Questions people ask
Most lenders look for at least 620. Scores of 740 and above usually get the best pricing and the lowest mortgage insurance cost.
Yes. Family members can gift all or part of your down payment on a primary home. You will need a signed gift letter and a record of the transfer.
A 15-year loan has a lower rate and builds equity faster, but a higher monthly payment. A 30-year loan keeps the payment lower and leaves room in your budget. Many people choose 30 years and pay extra when they can.
Yes, as long as the condo project meets Fannie Mae or Freddie Mac guidelines. Some Gulf Coast condo buildings do not, so Brian checks the project before you make an offer.
Closing costs commonly run about 2% to 5% of the loan amount, including lender fees, title, attorney fees, and prepaid taxes and insurance. Florida adds documentary stamp and intangible taxes on new mortgages. You can ask the seller to pay some or all of them in your offer.
Compare 15, 20, and 30-year terms with your real credit and down payment.
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$0 down and no monthly mortgage insurance for those who served.
Learn more →Rural and suburban$0 down in eligible areas for moderate-income households.
Learn more →Rental propertyQualify with the property's rent instead of your tax returns.
Learn more →Home equityBorrow against your equity and keep your current mortgage rate.
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