Good credit? This is a Good Option!

A Conventional loan is the most common type of mortgage because it is cost effective, applicable to nearly all types of properties and offers flexibility in loan terms, programs, and limits. This is a great option for borrowers with a good credit score and some money set aside for a down payment.

Unlike FHA, VA or RD loans, conventional loans do not require private mortgage insurance (PMI) unless the borrower has less than 20% down. Some conventional loan programs require as little as 3% down! Additionally, you can cancel PMI once you reach 20% home equity. This type of loan can save quite a bit of money in the long run!

Conventional loans can be used for purchase or refinance on a primary residence, second home, investment property, multi-family residences, condos, and some manufactured homes. The amount you can borrow is not restricted by state and county loan limits.

MiMutual Mortgage offers a variety of conventional loan programs.  These include Fannie Mae’s (FNMA) HomeReady loans and Freddie Mac’s (FHLMC) Home Possible, HomeOne, Refi Possible and Enhanced Relief Refinance loans.


  • Low down payment options
  • Wider range of eligble property types
  • Higher loan limits
  • No PMI required with 20% down or 20% equity