Conventional
Fannie Mae & Freddie Mac loans for purchase and refinance
The most common mortgage in America. Down payments from 3% for eligible first-time buyers, mortgage insurance that cancels as you build equity, and pricing that rewards strong credit.
- Min. down
- 3%*
- Min. credit
- 620
- MI
- Cancels at 78–80% LTV
- Terms
- 10–30 yr fixed, ARMs
Best for
- Credit scores 680+
- Buyers with 3–20% down
- Rate/term and cash-out refinances
- Second homes and investment properties
Purchase
3% down for eligible first-time buyers (HomeReady / Home Possible), 5% otherwise for a primary residence. Seller concessions of 3–9% depending on down payment.
Refinance
Rate/term refinances up to 97% LTV in some cases; cash-out up to 80% LTV on a primary residence. We run a true break-even — not just the payment difference — before recommending one.
Pricing
Rates are driven by loan-level price adjustments (credit score, LTV, occupancy, property type). Our LLPA calculator shows exactly where your scenario lands.
Run your numbers
*Program summaries are general information. Guidelines, loan limits and pricing change; eligibility is determined during underwriting.