Conventional Loans

Conventional loans are mortgages made by private lenders that meet the underwriting requirements of Fannie Mae or Freddie Mac. Nearly 70% of all mortgages are conventional loans – here are the features:

  • Credit score of 620+

  • As little as 3% down payment on some programs

  • Requires PMI for down payments under 20%

  • Cannot exceed the conforming loan limits set by the FHFA ($535,900 for Richmond, VA).

We can help you compare the different types of conventional loans to make sure you are getting the product that suits your situation.

FHA Loans

FHA loans are mortgage loans insured through the Federal Housing Administration (FHA). They make home ownership more affordable and have easier credit requirements that are perfect for first time homebuyers, families with lower credit scores or with low to moderate incomes. Here are the facts:

  • Minimum of 580 credit score

  • Up to 57% debt ratio

  • Minimal down payment

  • There is a renovation loan option for a fixer-upper

An FHA loan is one of the most attainable home loans on the market. But there are a handful of different options. Let us help you find the best one.


A mortgage refinance is simply replacing your current mortgage loan with a new one. People usually refinance to reduce monthly payments, lower their interest rate or take equity out of their home. Here are some facts:

  • You go through the same process as you would with a purchase loan

  • Can be used to reduce your current interest rate

  • Can be used to get equity out of your home (cash-out)

  • Can be used to reduce monthly payments

  • Can be used to pay off the loan faster (shorter term)


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