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CONVENTIONAL LOANS

What is a Conventional Loan?

Conventional Loans are the most common mortgage type you’ll come across and often the usual starting point for many when shopping for a mortgage loan because they’re exactly what they sound like: conventional. The process to obtain one requires a minimum down payment of 5% for a maximum loan amount of $726,200. Additionally, seller concessions can range from 3-9% of the sales price, and Private Mortgage Insurance (PMI) is required for loans exceeding 80% Loan-to-Value (LTV)—the amount of the mortgage compared with the value of the property. While all of that may sound convoluted, it is fairly, well, conventional.

Who is Eligible?

Conventional Loans are the most common mortgage type you’ll come across and often the usual starting point for many when shopping for a mortgage loan because they’re exactly what they sound like: conventional. The process to obtain one requires a minimum down payment of 5% for a maximum loan amount of $726,200. Additionally, seller concessions can range from 3-9% of the sales price, and Private Mortgage Insurance (PMI) is required for loans exceeding 80% Loan-to-Value (LTV)—the amount of the mortgage compared with the value of the property. While all of that may sound convoluted, it is fairly, well, conventional.

Features of Conventional Loans

Fewer Fees

Unlike government-backed loans like FHA Loans, Conventional Loans do not include program-specific fees, making them a cost-effective option.

More Lending Options

Conventional Loans offer flexibility in terms of loan terms. Borrowers can choose from 30-year fixed, 15-year fixed, 20-year fixed, or even adjustable-rate mortgages to suit their financial goals.

More Property Types

With a Conventional Loan, borrowers have more options, including purchasing a second home or an investment property. This versatility makes it a preferred choice for those with diverse property goals.

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Client testimonials

What They Say About Us

Sarah M.
"Working with USA Mortgages was a game-changer. As a first-time homebuyer, I was nervous about the process, but they were so patient, explaining every detail and helping me find a loan that fit my budget. They truly made me feel like family. I’d recommend them to anyone!"
Kevin L.
"I was looking to refinance, but I’d been putting it off because of all the paperwork. USA Mortgages took care of everything and got me an incredible rate! The whole experience was straightforward, quick, and stress-free. I’m saving over $200 a month on my mortgage now!"
Luis G.
"I’d heard horror stories about mortgage brokers, but USA Mortgages changed my mind. They found me a great deal on my mortgage, and the whole team was responsive, friendly, and genuinely invested in helping me close on my dream home. I’m beyond grateful!"
Amy T.
"USA Mortgages turned what I thought would be a long, confusing process into a breeze. They answered all my questions, gave me solid advice, and were with me every step of the way. Thanks to them, I’m officially a homeowner! Can’t thank them enough."
Marcus J.
"As a veteran, finding a loan that respected my service was important to me. USA Mortgages guided me through every VA loan benefit, securing terms that worked for me and my family. This team knows their stuff and respects their clients – highly recommend!"
Jasmine H.
"I had some credit challenges, but USA Mortgages didn’t treat me any differently. They found options that other lenders didn’t and walked me through ways to improve my credit. Thanks to them, I’m a homeowner – something I didn’t think was possible!"