Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.
While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
Different types of conventional loans have different types of requirements associated with them. Please see below for some of the guidelines of the loans we work with.
- Conforming Loans refer to loans up to 417,000
- High Balance Loans refer to loans of up to $625,000
- High Balance Loans usually requires FICO of Minimum 640
The SSK Mortgage Team is your premier mortgage team located in Redondo Beach, California. In addition to Redondo Beach, we also work with clients in Manhattan Beach, Hermosa Beach, El Segundo, Torrance, CA, Ranchos Palos Verdes, Palos Verdes, Venice Beach, Carson, CA, Harbor City, CA, Lomita, CA, Hawthorne, CA and the entire South Bay of Los Angeles.