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Conventional Home Loan

Great rates & flexible qualifying guidelines

What is a Conventional loan?

A Conventional home loan can offer great rates and flexible qualifying guidelines. A Conventional loan is also known as a Conforming loan because it conforms to the standards set by Fannie Mae and Freddie Mac—which are two agencies that help standardize the mortgage industry. The maximum conforming loan limit for one-unit properties is $766,550 (or $1,149,825 in high-cost areas). If you need mortgage financing for more than that amount, you should look at Jumbo loan options.

Can I qualify for a Conventional home loan?

Conventional financing appeals to a wide demographic, although it is best suited for those with a good credit score. While you can still qualify with a lower score, there may be higher costs associated with your mortgage.

If you have good credit and money for a down payment, you can take advantage of some great options with a Conventional loan. Be sure to check with your Loan Officer about your specific situation.

How much is the down payment for a Conventional mortgage?

A Conventional loan can require as little as 3% down, making it a great option for those who do not want an FHA loan. While Conventional loans do require mortgage insurance if you are putting less than 20% down, you can cancel the mortgage insurance after your home equity reaches 20%. Even better, Conventional financing does not require up-front mortgage insurance like an FHA.

Conventional Home Loan Overview

Best suited for those with a good credit score
Down payment as low as 3%
Maximum loan limit is $766,550 for one-unit properties
No monthly mortgage insurance required with a down payment of at least 20%
Can use for primary residence, second homes or investment properties

Contact a Lennar Mortgage Loan Officer for complete program description

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A First-Timers Guide to Mortgages

Are you a first-time homebuyer considering a Conventional Loan? Then our First-Time Homebuyer Guide can help you through the entire mortgage process, from pre-approval to closing and beyond.

Download the First Time Homebuyer Guide Now
Your Guide to First-Time Homeownership