Conventional home loans are great choices for homebuyers with good or excellent credit. They offer great mortgage rates and savings options, but starting in 2024 the home loan amount will generally be limited to $766,550 for a single-family home, although amounts may be higher in regions where home prices are higher.
Conventional mortgages offer both fixed and adjustable-rate options. An adjustable-rate mortgage has an interest rate that is fixed for a certain number of years, then adjusts to the current market. Conventional loans are available with down payment requirements as low as 3.00%. But mortgage insurance is not required for loans with a down payment of 20% or higher.
With Academy Bank's expert team of home loan advisors, we can help you through the entire process. We'll keep it simple, so you can focus on what's important.