Conventional loans are not insured by any government program and are the most common type of mortgage in Virginia. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans, on the other hand, don’t meet those guidelines, but they are still considered conventional. Conventional loans often have higher down payment requirements than government-sponsored loans like FHA loans and USDA RD loans.
If you’re interested in buying in Virginia, Maryland, or the District of Columbia, Monument Home Loans can help. Please contact us today or apply online in less than 10 minutes using the secure online application below.