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Ruben Garcia Mortgage Group - First Time Homebuyer

What Is a Conventional Mortgage or Loan?

A conventional mortgage loan is any type of home buyer’s loan that is not offered or secured by a government entity, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the USDA Rural Housing Service. Instead, it is offered through or guaranteed by a private lender (banks, credit unions, mortgage companies) or the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Conventional loans are often confused or referred to as conforming mortgages or loans. While there are some similarities, the two are distinct categories. A conforming mortgage is one whose underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. The biggest one of those is a dollar limit, set annually by the Federal Housing Finance Agency (FHFA): In 2019, in most of the continental U.S., a loan must not exceed $484,350. So while all conforming loans are conventional, not all conventional loans qualify as conforming. A jumbo mortgage of $800,000, for example, is a conventional mortgage but not a conforming mortgage—because it surpasses the amount that would allow it to be backed by Fannie Mae or Freddie Mac. Hopefully, this makes sense… If not, give us a call! We would be happy to go over the loan options with you.

Conventional Loan Options

Fixed Rate Options

  • 30 Year Fixed
  • 25 Year Fixed
  • 20 Year Fixed
  • 15 Year Fixed
  • 10 Year Fixed
A.R.M. Loan Options

  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
Interest Only Options

  • 30 Year with a 10 Year Interest Only Option
  • 10/1 ARM I/O
  • 7/1 ARM I/O
  • 5/1 ARM I/O
Wealth Management
Loan Options

  • Loan amounts up to 10M
  • 90% One loan with NO PMI
  • ARM Products with NO PMI up 90%







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on conventional loans?

Contact us
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Mortgage Products

First Time Home Buyer Programs

Jumbo Mortgage Loans

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