Proudly serving Ohio & Tennessee
What is a Conventional Loan?
Conventional loans are mortgage loans that are not insured or guaranteed by the federal government. They're backed by private lenders and typically follow guidelines set by Fannie Mae and Freddie Mac.
These loans offer flexibility in terms, down payment options from 3-20%, and the ability to remove private mortgage insurance once you reach 20% equity — making them a popular choice for homebuyers with good credit.
Conventional Loan Benefits
Down Payment as Low as 3%
Qualified buyers can put down as little as 3% on their home purchase
No Upfront Mortgage Insurance
Unlike FHA, there's no upfront mortgage insurance premium
PMI Removable at 20% Equity
Once you reach 20% equity, you can remove private mortgage insurance
Fixed and Adjustable Options
Choose between stable fixed rates or flexible ARM products
Higher Loan Limits Available
Finance more expensive homes with conforming loan limits
Multiple Property Types
Primary, vacation, and investment properties all eligible
Conventional Loan Options
30 Year Fixed
Most popular option with lowest monthly payments and stable rate for the life of the loan
15 Year Fixed
Build equity faster with higher payments but significantly less interest over the life of the loan
20 Year Fixed
Balance between 15 and 30 year options with moderate payments and faster payoff
Adjustable Rate (ARM)
Lower initial rate that adjusts after 5, 7, or 10 years — ideal if you plan to sell or refinance
Conventional vs. FHA
| Feature | Conventional | FHA |
|---|---|---|
| Down Payment | 3-20% | 3.5% |
| Credit Score | 620+ | 580+ |
| Upfront MIP | None | 1.75% |
| Monthly PMI/MIP | Removable at 20% | For life of loan |
| Loan Limits (2024) | $766,550 | $498,257 |
| Property Types | Primary, 2nd, Investment | Primary only |
Conventional Loans in Ohio & Tennessee
Ohio Markets
Serving homebuyers across Ohio including:
Hudson, New Albany, Dublin, Upper Arlington, Strongsville, Mason
Tennessee Markets
Serving homebuyers across Tennessee including:
Brentwood, Franklin, Germantown, Collierville, East Memphis
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Find Out If You Qualify for a Conventional Loan
Conventional loans offer more flexibility, lower long-term costs, and the ability to remove mortgage insurance — but the right structure depends on your credit, income, and goals. Kimble will assess your full picture and match you to the best program available across 100+ wholesale lenders.
Get Pre-Qualified for a Conventional Loan
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