Conventional Loans — Fannie Mae & Freddie Mac Mortgages
Conventional home loans with competitive rates, financing up to 97% of the purchase price, and credit scores from 620 in Virginia, Maryland, and DC.
What Are Conventional Loans?
Conventional loans are mortgages that meet the guidelines set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. These loans are not insured or guaranteed by the federal government, unlike FHA and VA loans.
Conventional loans require a minimum credit score of 620 and allow down payments as low as 3% for first-time buyers through programs like Fannie Mae HomeReady and Freddie Mac Home Possible. For repeat buyers, the minimum is typically 5% down. A 20% down payment eliminates the need for private mortgage insurance (PMI).
In the DC metro area, the 2026 conforming loan limit is $1,249,125. Loans up to this amount are considered conforming and typically offer the best rates. For homes above this limit, jumbo loan financing is required.
Frequently Asked Questions
What is a conventional loan?
A conventional loan is a non-government mortgage that meets Fannie Mae and Freddie Mac guidelines. It typically requires a minimum credit score of 620 and offers financing up to 97% of the purchase price.
How do I get a free mortgage quote?
You can get a free mortgage quote by using our online Loan Qualifier tool. Fill out your basic information and receive personalized loan options in minutes with no obligation.
Do you serve Virginia, Maryland, and Washington DC?
Yes, Loans with Nixon is licensed to offer FHA, VA, conventional, jumbo, and Non-QM mortgage loans in Virginia, Maryland, and Washington DC. Call 703-303-3000 to speak with a licensed loan officer.