Standard fixed rate mortgages

A conventional mortgage is a home loan that falls under the conforming loan limit of $548,250 and can be as
high as $822,375 in high cost area, which is set annually by the Federal Housing Finance Agency. The interest
rate is fixed and the loan term is typically 15 or 30 years.

• Requires higher credit scores
• Allows slightly smaller down payments
• Has more liberal property standards
• Private Mortgage Insurance (PMI) required if less than 20% down

Best for People with down payments or equity