Conventional Loans - Waterstone Mortgage

Conventional loans, often known as conforming loans, adhere to the criteria established by Freddie Mac and Fannie Mae, with a standard loan limit of $806,500 for single-unit properties, which may increase in high-cost areas. These loans offer the flexibility to purchase a primary residence, second home, or rental property, and come with various rate and term options, allowing for fixed or adjustable rates over 10 to 30 years. Notably, with a 20% down payment, borrowers can avoid monthly mortgage insurance, which is generally less costly and cancellable compared to government loans. Waterstone Mortgage provides conventional loan options even for those without a credit score, considering alternative credit data like rent and utility payment histories. Down payments can be as low as 0% with specific programs, making these loans accessible and versatile for a range of financial situations.