Conventional Loan
Most common loan type, coordinated by Freddie Mac and Fannie Mae with the flexibility of private lenders.
Primary, Secondary, & Investment Properties
More options for terms
The “OG” of mortgage loans
When you think of mortgage loans - the first thing that comes to mind is likely known as a
Conventional Loan.
It's the most common financing type for a reason because they conform to the standards set by Fannie Mae and Freddie Mac, yet are serviced by private (non-government) lenders.
Why it's great:
- ✓Simpler process
- ✓Can be used for primary residence, 2nd homes, investment / rental properties
- ✓Available for *most residential properties
- ✓As little as 3% down (that's $10,500 on a $350,000 house)
- ✓Higher credit scores = better rates
- ✓Lower closing costs
- ✓Fewer appraisal requirements
- ✓NO monthly mortgage insurance with as little as 3% down
Who it's great for:
- ✓First time home buyers and repeat home buyers
- ✓New construction homes and investment homes
- ✓2nd properties and rental properties
- ✓Higher loan amounts
- ✓Rural communities, towns, and cities
- ✓Credit scores as low as 620
- ✓Debt ratio under 50%
- ✓Maximum conforming loan limits and underwriting guidelines apply
Get started with one click!
1 • Start your application
We'll give you some basic steps to get you on a good path for your situation.
Call us to talk or click here to get started on a brief survey.
2 • Personalize your plan
The best mortgage is customized based on your goals, your needs, and your budget.
We provide personalized options for you based on your preferences.
3 • Shop with confidence
You'll be prepped and confident when it comes time to work with your realtor to find the perfect house for you.
We cannot say enough good things about Midwest Family Lending and Charlie. He made the process of buying our first home easy, even in a crazy market. He was responsive, diligent, and such a pleasure to work with.
Five stars doesn't come close to what he should actually receive.
Anyone looking for a company/mortgage lender, this is it!
Your Questions Answered:
Some amount of money. 😃
For a conventional loan, minimum down payment is 3% of purchase price.
When saving for a down payment, a good goal is at least 5% of your purchase price budget.
We always recommend planning for more when possible. [See sample calculator below.]
Kyle was awesome through the whole process. He was very informative, kind and caring. He took excellent care of us. We will refer friends and family to Midwest Family Lending. Thanks Kyle and Team Chedester!
This is your mortgage - you deserve to have a say in which option is best for you.
Once we review your information, we prepare a side-by-side comparison for your review. (Does anyone else do this for you? Didn't think so.)
You've got options - and we help you know them and be confident in your decision.
Take the first step to your own custom spreadsheet by completing our quick survey.
**Our calculator is a tool and the image is only a sample. Rates are not quotes and do not reflect up-to-date information.
Not sure if conventional is right for you? No worries! We have lots of options.
As mortgage strategists, we customize your mortgage solution to your personal needs.
Connect with one of our loan officers to learn more about your options!