Conventional Loans in NC, SC & GA
Conventional loans are the most common type, and they're flexible. If you have solid credit, you can often put down as little as 3%, and the mortgage insurance does not last forever like it can on FHA.
How it works.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. The typical minimum credit score is around 620. First-time buyer programs allow as little as 3% down; many buyers put down more. If you put down less than 20%, you'll pay private mortgage insurance (PMI), but you can request to cancel it once you reach 20% equity, and it drops automatically at 22%. Conforming loan limits apply and change yearly.
Who it's best for.
Buyers with good credit who want flexibility and mortgage insurance that eventually goes away.
What you'll typically need.
- Pay stubs
- Two years of W-2s or returns
- Two months of bank statements
- ID
Common questions.
When does the mortgage insurance come off?
You can request cancellation at 20% equity with a good payment history, and it terminates automatically at 22% equity.
Is conventional better than FHA?
It depends on your credit and down payment. Conventional often costs less long term for stronger credit; FHA is more forgiving while you're building credit. We compare both.
Sources: Fannie Mae Selling Guide; Homeowners Protection Act (PMI cancellation).
Ready to see if this fits?
Schedule a free consultation and we'll walk through your numbers, or start an application when you're ready to move.
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A note on program availability & disclosures
Program eligibility, guidelines, and pricing are set by the applicable investor, agency, or program (FHA, VA, USDA, Fannie Mae, Freddie Mac, and others) and are subject to change without notice. Not all applicants will qualify. This information is for educational purposes only and is not a commitment to lend or a guarantee of approval, rate, payment, or closing date. Equal Housing Opportunity.
Let's find the right fit.
One 30-minute call is usually all it takes to narrow the field and pick the right program.
Keith Lopez, NMLS #2814077 | NEXA Mortgage, LLC, NMLS #1660690 | Licensed in NC, SC & GA | Equal Housing Opportunity