What is a conventional loan?

Conventional loans are not insured or guaranteed by the federal government (unlike FHA, FMHA and VA) but rather adhere to Fannie Mae guidelines.

What is Fannie Mae?

Fannie Mae, or the Federal National Mortgage Association, is a corporation created by the Federal government. Fannie Mae buys and sells conventional mortgages and they set the maximum loan amount and requirements for borrowers.

What Greyson can offer you with a conventional loan:

  • No mortgage insurance if you put down 20%
  • Minimum down payment of 5%
  • All types of programs available for fixed-rate and Adjustable Rate Mortgages (ARM’s)
  • No prepayment penalty
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Items we need from you

  • ID’s – Need 2 forms of ID from the list below for each borrower
    • Driver’s License –a good copy so we can read the numbers
    • Social Security Card(s)
    • Visa’s
    • Immigration/Green Card
    • Other forms of Identification may be used, contact our office for more information
  • All Credit Card Statements – Last 2 months, ALL Pages even if they are blank
  • Bank Statements – All accounts – Last 2 months, ALL Pages even if they are blank
  • Retirement Accounts/Statements – Last 2 months, ALL Pages even if they are blank
  • Divorce Decree – if needed
  • Divorce Settlement – if needed
  • Deed/Mortgage
    • Mortgage Statements – Last 2 months, ALL Pages even if they are blank
    • Closing Statements
    • Leases
    • Home Owners Insurance
    • Property Taxes
  • Paystubs – Last 2 months (if you are paid bi-weekly, we will need all 4)
  • W-2’s – Last 2 years
  • 1099’s – Last 2 years
  • Tax Returns – Last 2 years, ALL Pages, even if they are blank
  • Sales Contract/Purchase Agreement
  • Other additional disclosures may be required depending on personal financial circumstances