A conventional loan is mortgage financing that is not insured or guaranteed by a government program. It is the most widely used structure for buying and refinancing homes.
With flexible terms and competitive rates, conventional loans are a great choice for borrowers with strong credit and stable income. Whether buying your first home or upgrading, we provide the tools and support to make it happen.
Program description as published on bossmortgage.com/products (preserved verbatim).Conventional financing follows the guidelines of the investors who buy these loans rather than a government insurance program. Those guidelines cover how income and assets are documented, how credit is reviewed and how the property is appraised.
Because conventional guidelines cover a wide range of scenarios — primary residences, second homes and investment properties — it is often the first structure worth pricing, even when another program ends up fitting better.
Buyers purchasing a primary residence
Homeowners refinancing an existing mortgage
Borrowers who want to compare mortgage insurance structures
Buyers of a second home
Borrowers moving up from a starter home
A licensed Boss Mortgage loan originator can look at the details with you and explain what applies to you.
How much you put down relative to the value of the home affects whether mortgage insurance applies and how it is structured. Your loan originator can price several scenarios so you can see the difference in the monthly payment.
How your income is documented can matter as much as the amount. If you are self-employed or have variable income, mention it early so the file is built correctly from the start.
Primary residence, second home and investment property are reviewed differently. Be clear about how you plan to use the property.
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Shop with a clear budget in mind. When you find the right property, your loan originator can help you understand the financing details that apply to that home and your offer.
Once you are under contract, the BOSS Mortgage team helps keep the loan moving through documentation, underwriting, and closing so you can get the keys and move forward.
A conventional loan is mortgage financing that is not insured or guaranteed by a government program such as FHA, VA or USDA. It follows the guidelines of the investors who purchase these loans.
Terms, rates and programs are subject to change, and not all customers will qualify.
Mortgage insurance on a conventional loan depends on the amount you put down relative to the value of the home and on current investor guidelines.
Your loan originator can show you how it would apply to the scenario you are considering.
Conventional financing is often used for primary residences, and there are also guidelines that address second homes and investment properties. Requirements differ by occupancy type.
If you are buying a rental, ask about investor and DSCR options as well so you can compare structures.
As little as zero with programs like VA, USDA and DPA! The amount you need depends on the loan type. FHA loans may require as little as 3.5%, while Conventional loans often range from 3% to 20%. We’ll work with you to find a solution that fits your budget.
Depending on the program, funds may come from savings, the sale of another asset, retirement accounts, gifts or down payment assistance. Each source has its own documentation requirements.
Tell your loan originator early where the funds will come from so the paperwork can be prepared correctly.
No. The down payment is applied to the purchase price, while closing costs cover items such as title, recording, prepaid amounts and lender fees.
Your Loan Estimate and Closing Disclosure show these amounts for your specific transaction.
How FHA mortgage financing works, the scenarios it often suits and how to review it with a licensed Boss Mortgage loan originator.
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Jumbo mortgage financing for higher-value purchases and refinances, explained by the team at Boss Mortgage.
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Refinancing and home equity line of credit options from Boss Mortgage, and how to decide which one fits your goal.
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How construction financing works when you build a home, and what to bring to your first conversation with Boss Mortgage.
Learn more →Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
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