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Conventional Loans

Characteristics of Conventional Mortgage Loans

  • Most popular mortgage product.
  • Typical limit for a single-family home is $647,200
  • Normally have loan-to-value ratios of 80%, 90%, or 95%.
  • Private Mortgage Insurance required for loans with less than 20% down payment.
  • Conventional loans may have fixed or adjustable rates.
  • Down payments can be as low as 3% in some cases.
  • Can be used to purchase a secondary home, vacation home, or investment property.
  • In most cases, you’ll need a credit score of at least 620 to qualify

3%-5%

minimum down payment

$647,200

typical loan limit

620

minumum credit score

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COMPLAINT AND LICENSING INFO

Complaints may be directed to Hallmark Home Mortgage at 855.249.7731 or an email may be sent to: complaints@1hallmark.com

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7421 Coldwater Road Fort Wayne, IN 46825
888.490.1428 | 260.469.0900
Hallmark Home Mortgage, LLC (NMLS # 53441) is an Equal Housing Lender. Hallmark Home Mortgage is not endorsed by any government agency. Reviews and comments have been submitted by customers voluntarily, are solely the views of such customers, and have been screened by Hallmark Mortgage LLC prior to publication in accordance with our guidelines. Customers were not compensated for their reviews/comments but were informed that the submittals may be used in Hallmark Mortgage LLC advertising. Hallmark Home Mortgage, LLC (NMLS # 53441) is not licensed to originate in all states. All rights reserved. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. This is not a commitment to lend nor an offer to enter into a rate lock agreement. Terms, conditions and programs are subject to change without notice. Certain limitations apply. Contact us for additional details. Not all offices are licensed in all states. Visit: https://www.hallmarkhomemortgage.com/disclosures for complete licensing information.