Conventional Loan

Conventional Mortgage Loans are underwritten to guidelines set forth by Fannie Mae and Freddie Mac.

They are by far the most popular mortgage loan type used to purchase and refinance residential real estate. However, they not the best loan option for everyone. Clients with less than perfect credit seeking a low down payment mortgage will be happy to know we have other options to better fit their needs.

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Who can get a Conventional Loan?

Almost anybody can get a Conventional Loan. There are no income limits and it will provide financing on 1-4 unit residential properties to be used as primary residences, second homes, and investment properties. To qualify for a Conventional loan, you’ll need a minimum 620 credit score and maximum debt to income ratio of 45% (exceptions made up to 50% with compensating factors). The interest rate and closing cost structure of Conventional loans are best suited for clients with high credit scores and/or large down payment/equity.



Benefits of Conventional loans:

  • Buy a home with as little as 3% down

  • Refinance loans up to 95% of the current value of your home

  • Multiple mortgage insurance (PMI) options available

  • Clients with a previous bankruptcy can qualify 4 years after discharge

  • Clients with a previous foreclosure can qualify 4-7 years after Sheriff’s Deed Transfer

  • More lenient property condition requirements than other loans

Helping First-Time Home Buyers & Homeowners Across Wisconsin

At Educated Mortgage Services, we provide expert mortgage solutions for first-time home buyers and all home purchasers across Wisconsin. Whether you’re looking for a low down payment option through WHEDA’s first-time home buyer programs or a conventional loan, we offer tailored financing solutions to meet your needs.

WHEDA loans provide affordable pathways to homeownership with down payment assistance and competitive rates, making it easier for first-time buyers to transition from renting to owning. Additionally, we offer conventional, FHA, VA, and jumbo loan options for those looking to refinance or purchase a new home.

Below are some of the cities we serve, but we aren't limited to these locations: