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Conventional loans have terms and conditions that follow the guidelines of Fannie Mae and Freddie Mac. Since the mortgage market is constantly fluctuating and due to recent economic issues, many of the loans that are funded with conforming limits are being purchased by Fannie Mae and Freddie Mac. Meaning, the guidelines, loan limits and underwriting standards have all been standardized by the agencies (Fannie and Freddie).

Conventional loans have numerous benefits. They are available for purchase, refinance or cash out refinance transactions, and for owner-occupied properties such as primary residences, second homes or investment properties. The size of the loan limit varies by the area you live in and by the property type you are purchasing or refinancing.

Down payment requirements can vary from 3% to 25% (97% loan to value to 75% loan to value) depending on the area of the country you live in, your individual financial profile, and the type of property you are purchasing or refinancing:

  • Primary Residence
  • Second Home
  • Investment Property

Convention loans must have Mortgage Insurance (MI) when a combined loan to value is over 80%. MI rates and loan interest rates for a conventional loan are based on your credit history, the type of property you are purchasing, and the amount of down payment.

Angel Oak Home Loans available conventional loan programs:
  • Loan amounts up to $417,000
  • Fixed Rate Mortgage (10,15,30 year)
  • Adjustable Rate Mortgage (10, 15, 30 year)
  • Maximum 97% LTV
  • 30 year fixed conventional