CONVENTIONAL LOANS
Home Loans with Down Payments as Low as 3%
Conventional loans are the most common type of home loan in the mortgage industry. They are funded by private lenders, including Town Square Mortgage, and then often sold to government-sponsored enterprises, including Fannie Mae and Freddie Mac.
Fast, Easy and Affordable Home Loans
-
Down payments as low as 3%
-
Lower rates with maximum flexibility
-
Less paperwork needed
Flexible Loan Options
​​
-
Choice of Fixed-Rate or Adjustable-Rate Mortgages (ARMs)
-
Applicable to most property types
-
Available to first-time or seasoned homebuyers​
​
A Fixed-Rate Mortgage has an interest rate that remains the same for the life of the loan. An Adjustable-Rate Mortgage (ARM) is a home loan with an interest rate that can change periodically.
Qualification Requirements
-
Minimum 620 credit score
-
Flexible qualification guidelines
-
Gifts allowed
-
Co-Borrowers allowed
-
U.S. Citizen, permanent and non-permanent resident alien status allowed
-
DACA and A12 eligible
Down Payment Assistance (DPA)
105% Combined Loan-to-Value (CLTV) with Down Payment Assistance ​​​​
​
-
​Fannie Mae HFA Preferred
-
Freddie Mac HFA Advantage
-
Income limit requirements
TM
TM
Lower Mortgage Insurance Costs
-
No upfront mortgage insurance fee for additional savings
-
Less expensive monthly insurance payments than most other home loans
Benefits for First-Time Homebuyers
Access to special home loan solutions, including:
-
Fannie Mae 3% down for First-Time Home Buyers (FTHB)
-
Freddie Mac Home One
-
Standard mortgage insurance
-
No income limit requirement
®
Note: You can qualify as a first-time homebuyer if you owned a home more than three years ago.
