{"id":1357,"date":"2023-02-22T05:48:22","date_gmt":"2023-02-22T05:48:22","guid":{"rendered":"http:\/\/gator4099.temp.domains\/~mypnwbro\/?page_id=1357"},"modified":"2023-02-24T00:42:41","modified_gmt":"2023-02-24T00:42:41","slug":"conventional","status":"publish","type":"page","link":"https:\/\/mypnwbroker.com\/?page_id=1357","title":{"rendered":"Conventional"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1357\" class=\"elementor elementor-1357\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ccd434 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ccd434\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-69b1078\" data-id=\"69b1078\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-08524ba elementor-widget elementor-widget-heading\" data-id=\"08524ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Conventional<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e512d69 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e512d69\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d087480\" data-id=\"d087480\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c535767 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c535767\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ded233 elementor-widget elementor-widget-text-editor\" data-id=\"5ded233\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A conventional loan is the most common type of mortgage. It is \u201cconforming\u201d loan meaning that it falls into the conforming loan limits and guidelines that are set by Fannie Mae and Freddie Mac, the major investors backing conforming loans. The limits are adjusted yearly based on the market and can vary based on location as some areas have an extended limit due to the local cost of living. Conventional loans are available for owner-occupied, 2<sup>nd<\/sup> home, and investment transactions.<u><\/u><u><\/u><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-47a181a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"47a181a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-77c0945\" data-id=\"77c0945\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bd6ca6e elementor-widget elementor-widget-heading\" data-id=\"bd6ca6e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Purchases<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7cafd9f\" data-id=\"7cafd9f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e576a5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"4e576a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ca9605 elementor-widget elementor-widget-text-editor\" data-id=\"1ca9605\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The down payment requirements for purchases vary based on the scenario of the loan. Owner occupied conventional mortgages typically require at least 5% down but if you\u2019re a first-time home buyer buying a single unit property, it is possible to put as little as 3% down on your first purchase! Second homes and investment properties are considered a greater risk for the lender and therefore require larger down payments of 10% and 15% minimums respectively.<u><\/u><u><\/u><\/p><p>If the down payment less than 20% conventional loans require Private Mortgage Insurance (PMI). PMI is insurance that protects the investor in the event you default on your mortgage. You pay a PMI premium in your mortgage payment monthly in exchange for the lesser down payment. The mortgage insurance pricing varies based on the amount down payment and credit score. The good thing about PMI on conventional loans is that it is removable when you\u2019ve gained enough equity in your property!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-853a9d4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"853a9d4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b21b060\" data-id=\"b21b060\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d04521 elementor-widget elementor-widget-heading\" data-id=\"3d04521\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Refinances\u200b<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e858c6c\" data-id=\"e858c6c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-902a328 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"902a328\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97d281d elementor-widget elementor-widget-text-editor\" data-id=\"97d281d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It may make sense to refinance your mortgage if rates have improved since your purchase. Conventional rate\/term refinances require at least 5% equity in the property at the current value. If you\u2019re wanting to do a cash-out refinance, conventional loans require a limit of 20% equity to remain on the property.<u><\/u><u><\/u><\/p><p>**Note &#8211;\u00a0 Investors update underwriting guidelines regularly, please connect regarding your specific scenario.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1e075ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1e075ad\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1258028\" data-id=\"1258028\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Conventional A conventional loan is the most common type of mortgage. It is \u201cconforming\u201d loan meaning that it falls into the conforming loan limits and guidelines that are set by Fannie Mae and Freddie Mac, the major investors backing conforming loans. The limits are adjusted yearly based on the market and can vary based on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-1357","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mypnwbroker.com\/?page_id=1357\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\" \/>\n<meta property=\"og:description\" content=\"Conventional A conventional loan is the most common type of mortgage. It is \u201cconforming\u201d loan meaning that it falls into the conforming loan limits and guidelines that are set by Fannie Mae and Freddie Mac, the major investors backing conforming loans. The limits are adjusted yearly based on the market and can vary based on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mypnwbroker.com\/?page_id=1357\" \/>\n<meta property=\"og:site_name\" content=\"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T00:42:41+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/?page_id=1357\",\"url\":\"https:\\\/\\\/mypnwbroker.com\\\/?page_id=1357\",\"name\":\"Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#website\"},\"datePublished\":\"2023-02-22T05:48:22+00:00\",\"dateModified\":\"2023-02-24T00:42:41+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/?page_id=1357#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/mypnwbroker.com\\\/?page_id=1357\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/?page_id=1357#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/mypnwbroker.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Conventional\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#website\",\"url\":\"https:\\\/\\\/mypnwbroker.com\\\/\",\"name\":\"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\",\"description\":\"Mortgage Broker Website\",\"publisher\":{\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/mypnwbroker.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#organization\",\"name\":\"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\",\"url\":\"https:\\\/\\\/mypnwbroker.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/mypnwbroker.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Plugin-icon-2.svg\",\"contentUrl\":\"https:\\\/\\\/mypnwbroker.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Plugin-icon-2.svg\",\"width\":180,\"height\":60,\"caption\":\"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers\"},\"image\":{\"@id\":\"https:\\\/\\\/mypnwbroker.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mypnwbroker.com\/?page_id=1357","og_locale":"en_US","og_type":"article","og_title":"Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","og_description":"Conventional A conventional loan is the most common type of mortgage. It is \u201cconforming\u201d loan meaning that it falls into the conforming loan limits and guidelines that are set by Fannie Mae and Freddie Mac, the major investors backing conforming loans. The limits are adjusted yearly based on the market and can vary based on [&hellip;]","og_url":"https:\/\/mypnwbroker.com\/?page_id=1357","og_site_name":"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","article_modified_time":"2023-02-24T00:42:41+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/mypnwbroker.com\/?page_id=1357","url":"https:\/\/mypnwbroker.com\/?page_id=1357","name":"Conventional - Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","isPartOf":{"@id":"https:\/\/mypnwbroker.com\/#website"},"datePublished":"2023-02-22T05:48:22+00:00","dateModified":"2023-02-24T00:42:41+00:00","breadcrumb":{"@id":"https:\/\/mypnwbroker.com\/?page_id=1357#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mypnwbroker.com\/?page_id=1357"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mypnwbroker.com\/?page_id=1357#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mypnwbroker.com\/"},{"@type":"ListItem","position":2,"name":"Conventional"}]},{"@type":"WebSite","@id":"https:\/\/mypnwbroker.com\/#website","url":"https:\/\/mypnwbroker.com\/","name":"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","description":"Mortgage Broker Website","publisher":{"@id":"https:\/\/mypnwbroker.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mypnwbroker.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/mypnwbroker.com\/#organization","name":"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers","url":"https:\/\/mypnwbroker.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mypnwbroker.com\/#\/schema\/logo\/image\/","url":"https:\/\/mypnwbroker.com\/wp-content\/uploads\/2023\/02\/Plugin-icon-2.svg","contentUrl":"https:\/\/mypnwbroker.com\/wp-content\/uploads\/2023\/02\/Plugin-icon-2.svg","width":180,"height":60,"caption":"Mortgage Broker | Portland | PNW | Associated Mortgage Brokers"},"image":{"@id":"https:\/\/mypnwbroker.com\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/pages\/1357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1357"}],"version-history":[{"count":5,"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/pages\/1357\/revisions"}],"predecessor-version":[{"id":1470,"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=\/wp\/v2\/pages\/1357\/revisions\/1470"}],"wp:attachment":[{"href":"https:\/\/mypnwbroker.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}