Tracy Flesch


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Tracy Flesch

Conventional Loans


New to 2023--Higher Loan Limits!

Effective  loans closing after January 1, 2022, the maximum loan amount on Conventional mortgages is being raised to $726,200.  The higher loan amount allows for smaller down payments and easier underwriting guidelines!

What are Conventional Loans?

Conventional Loans are mortgage loans that are not insured by the government (like FHA, VA, USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 3-20+% and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 3% down payment.

MYTH:  I have to pay monthly PMI if I don't have 20% Equity

Monthly PMI can be eliminated with what is called  Single Premium PMi.  With Single Premium PMI, you pay all the PMI up front, paid at closing (or financed into the loan amount).  If you have very good credit, this is a great option to consider.  Ask me for details.  

Conventional Down Payment Requirements?

For Purchase transactions Conventional Loans require the home-buyer to put down at least 3%.  

Can I get a gift for my Down Payment?

Yes!  A family member can give you a gift for your down payment.  VERY IMPORTANT to let Tracy know that you are using  a gift for your downpayment.

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