Conventional Purchase Loans

A Summary of the Conventional Loan Purchase

The Conventional Purchase

What are conventional purchase loans?

Conventional purchase loans are mortgage loans that follow the underwriting standards set by Fannie Mae and Freddie Mac (often called “conforming” loans) or, for larger balances, by private investors (“non conforming” or “jumbo”). Conventional loans can be used on a wide range of property types, unlike other loan programs backed by government agencies like FHA, VA, or USDA which have certain property restrictions.

Benefits of a Conventional Purchase Loan

Frequent Questions Regarding Conventional Purchases

Can I use gift funds for my down payment? Yes. For primary residences, 100 % of the down payment can come from an eligible gift as long as donor documentation and a proper paper trail are provided.
Do I need perfect credit to qualify? No. While better credit lowers the rate, many lenders approve conventional loans down to a 620 score. Below that threshold, FHA financing may be more cost‑effective.
How quickly can I remove PMI? You may request PMI termination once your mortgage balance reaches 80 % of the original or current appraised value and you’ve made timely payments for at least two years. Lenders must automatically cancel at 78 % LTV.
Are there occupancy requirements? For a primary residence, you must occupy the home within 60 days of closing and live there for at least one year. Second‑home and investment‑property rules vary.

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