Conventional Loan

A conventional loan is a home loan for individuals who have steady income, good credit and have funds available for a down payment. A conventional loan requires a 3% down payment. Alliance Mortgage Funding, Inc. in Cockeysville, Maryland helps buyers secure a conventional loan when purchasing property.

A conventional loan is not insured by the federal government (like USDA, FHA and VA loans) and can be the preferred route to home financing for many homebuyers and those purchasing investment property.

Pre-qualify for a Conventional Loan today!

Applying for a Conventional Loan

Typically, a conventional loan requires that borrowers have 3-20% of the home's value as a down payment. Lenders who sell conventional loans review debt/income ratios and monthly housing costs. Also reviewed in the conventional loan application are credit scores, credit history and income over the past several years. Those who have gone through bankruptcies and foreclosures at least four years ago are eligible for a conventional loan, but must have excellent credit histories. Most loan programs review each applicant based on the Fannie Mae and Freddie Mac guidelines.

Typically, we will review the following items with you when applying for a conventional loan:

  • Your Employment (Is your income and employment steady?)
  • Down Payment (How much can you afford to put down?)
  • Credit History (Is your credit good, do you have late payments?)

In addition, we can discuss your options for mortgage insurance and setting up an escrow account, which will allow you to have your mortgage insurance, homeowners insurance and property taxes taken out as part of your monthly mortgage payment.

Learn about the Home Buying Process from Fannie Mae, and then get preapproved for a conventional loan from Alliance Mortgage Funding, Inc. in Cockeysville, Maryland!

Conventional Loan Terms

Conventional loans are available in fixed-rate or adjustable-rate (ARM) loans and have a term of 15, 20 or 30 years. The shorter the term, the lower the rate. Those who are purchasing their first homes, an additional home or even investment property often turn to a conventional loan.

Conventional loans are perfect for homeowners who have funds available for a down payment and excellent credit. The application process goes quicker than FHA loans or VA loans since the government isn't involved in the application process. Homeowners with conventional loans also find their equity builds up quicker since a larger down payment is needed.

We can help

To see if you pre-qualify for a conventional home loan, contact Alliance Mortgage Funding online, or call us at (410) 683-1500.








"Since 1993, we've helped all of our clients make all of the 
right mortgage financing decisions, for all of the right reasons." 


Michael Mandis

Certified Mortgage Planner®
 Certified Residential Mortgage Specialist®
Certified Militay Housing Specialist® 

Mike@TheMandisTeam.com
(410) 683-1500  ♦  Toll Free: (888) 786-1005
FAX: (410) 683-2250
 An Equal Housing Opportunity Lender

Alliance Mortgage Funding, Inc. | NMLS #130762
State License: MARYLAND #3166  & PENNSYLVANIA #25061
Michael Mandis NMLS #132976 | Craig Brindley
NMLS #145398


Alliance Mortgage Funding, Inc.
111 Warren Rd. #10A
Cockeysville, MD 21030
(410) 683-1500

Call us, email us, or get pre-approved online.