Conventional loans

Conventional mortgages are ideal for borrowers with good or excellent credit.

  • 1% Down-Payment Program (1st-Time Home Buyer Program)
  • 3% Down-Payment Program (Community Lending Program)
  • 5% Down-Payment Program (Traditional Conventional Program)
  • Fixed Rate Products & Adjustable Rate Mortgages (ARMs)
  • Maximum loan in the St. Louis Area currently $417,000

The 30-year conventional fixed-rate mortgage has long been popular due to its fixed interest rate and lower monthly payments, however, since the interest payments are spread out over 30 years, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage.

With a shorter loan term and lower interest rate, a 15- or 20-year fixed-rate mortgage can help you pay off your home much faster and build equity more quickly, although your monthly payments will be higher than with a 30-year loan. The 15- and 20-year fixed-rate mortgages are especially popular for refinancing.

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