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The most common type of prime loan you can use to purchase a property or refinance one is called a conventional loan. Conventional loans conform to the maximum loan limits established by Fannie Mae and Freddie Mac. Those limits are up to 484,350. Unlike certain other types of loans such as FHA loans, they are not backed up by government funds.

Typically these loan terms range anywhere from 10-30 years. Down payments may be as low as 3% for some first time buyer programs like Homeready, Home One or Home Possible Loans. Terms governing conventional loans depend on a number of different factors, including your credit score, borrower credit profile, the price you are purchasing, and the down payment you provide.


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