Conforming Mortgage Rates
Conforming Mortgage Programs
The Conforming Mortgage Program [ also known as Conventional ] is a great option when you are looking to purchase a new home as a primary residence, second home or investment property. These types of loans are generally below the standard conventional loan limit of $548,250 in 2021 for a single family residence and make up the majority of home loans sold in America today. There are also established guidelines required for credit scores, income, work history, and minimum down payments.
What Are the Advantages of Conforming Mortgages?
- Gift funds OK
- Minimum down payment of 3%
- No prepayment penalty ever
- 30yr, 25yr, 20yr, 15yr, or 10yr
- Up to 50% debt to income ratio
- With or without mortgage insurance
What Are the Requirements?
- Minimum credit score 620
- Debt to income ratio under 50%
- Minimum down payment of 3% for HomeReady and 5% for traditional
- Down payment must be verified
Helpful Tools
*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions.
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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839
Hours of Operation:
Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST
