Traditional loans are among the most popular choices for homebuyers. Backed by a federal government guaranty, these loans offer reliable benefits and consistent qualification standards.
What is a Traditional Conforming Loan?
A mortgage backed by a federal guaranty to protect the lender if the borrower defaults
Stability offered through fixed interest rates and longer repayment periods
Clear federal guidelines that apply across all lenders
Maximum loan amount just over $1 million; higher loans face stricter standards
Key Benefits
Fixed-rate lock with amortization terms up to 30 years—far longer than many other loan types
Lower interest rates due to repayment guarantees by agencies of the federal government
Uniform qualification guidelines across all lenders with generally no lender-specific additional requirements
Eligibility
At least two years of consistent employment in the same field
Business owners (owning more than 25%) must show income from salary and company profits on recent tax returns
Down payment and reserve funds must be verifiable in the borrower’s accounts for two full statements
A credit score in the low to mid 600s is typically required
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