Conventional Loans are insured by either Fannie Mae or Freddie Mac. They are used for the purchase of primary, secondary and investment properties and have more restrictive credit guidelines. These loans follow fairly conservative guidelines for borrower credit score, minimum down payments and debt to income ratios.
Conventional loans are offered both as fixed rates as well as adjustable terms. These types of loans are offered in terms ranging for 10 to 30 years. If you are looking for a consistent payment over the life of the loan you would want a “fixed” payment.
Massachusetts Loan Limits- The maximum loan limit for a conventional loan is $424,100 for 2018. However there are some high cost areas where the maximum loan amount can go up to $636,150. Give us a call today at (413) 930-6647 and we can check your areas loan limit today.