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Conventional Mortgages
Apply for a conventional mortgage in North Florida from the convenience of your home. Our secure online application makes mortgage lending a breeze. Conventional mortgages are also known as “conforming” mortgages and require a down payment.

What is a conventional mortgage?

Other Drummond Home Mortgage Solutions:

  • FHA: For primary residence only. Gift funds permitted for down payment. May use seller concessions up to 6% toward closing costs.
  • VA Mortgage: Up to 100% financing for eligible servicemembers and veterans.
  • USDA Mortgage: 30-year fixed rate mortgage for a primary residence. Income and geographic requirements apply.

Frequently Asked Questions:

What is the difference between FHA and Conventional Mortgages?

FHA loans are insured by the federal government, which makes it less risky for lenders to approve home loans for people with lower credit scores and/or lower down payments. FHA loans also have a mandatory mortgage insurance premium, so if you can qualify for a conventional mortgage, it’s probably a better option.

What do I need to apply for a mortgage? 

To start applying, we recommend you have the following information on hand:

  • A separate email address for each person that will be on the loan
  • Details(bank statements) about how much money is in each account you would like us to consider for your approval
  • Your income and employer information
  • Your social security number
  • A valid drivers license 

What are the pros and cons of a conventional loan?

Conventional loans are an attractive option for many borrowers. They offer no mortgage insurance requirement with a 20% down payment, competitive interest rates, a choice between fixed or variable rates, and can be used for all types of properties. However, conventional loans have more stringent credit and income requirements than government loan programs, so not every home buyer may qualify for a conventional loan.

What is the difference between conforming and non-conforming?

Conforming mortgages meet the maximum loan amounts set by the federal government. Non-conforming loans exceed those loan amounts and may have stricter requirements for qualifying, as well as higher interest rates.

What is the best place to get a conventional loan from?

At Drummond Community Bank, we are proud to bring you the best possible mortgage loan terms and features such as fast loan approval, flexible loan terms, competitive rates, and a convenient online application.