Traditional Mortgage Financing with Competitive Rates
Conventional loans offer down payments as low as 3% for eligible first-time buyers in Raleigh, NC. Jason Iacovelli (NMLS #3370) specializes in conventional financing with 30+ years experience. Unlike FHA loans, conventional loans allow PMI cancellation when eligibility requirements are met and offer the best rates for 740+ credit scores. Serving Cary, Apex, and all Wake County.
No blanket 620 minimum. Credit eligibility depends on automated underwriting findings, with final approval subject to lender review. A score of 740+ qualifies for the best rates and lowest fees.
Yes, with 20% down. Otherwise PMI is generally required, but you can request cancellation when eligibility requirements are met.
In Wake County, the 2026 conforming loan limit for a one-unit property is $832,750. Conventional loan amounts above this limit require jumbo financing.
Conventional offers better rates with 680+ credit and allows PMI removal. FHA is better for lower credit scores.
Yes! Conventional loans work for primary homes, second homes, and investment properties with 15-25% down.
Conventional loans are traditional mortgages not backed by the government. They typically offer the best rates for borrowers with good credit and are the most popular loan type in the United States.
No blanket 620 minimum. Credit eligibility depends on automated underwriting findings, with final approval subject to lender review. Best rates at 740+.
3-20% depending on program
No blanket 620 minimum. Credit eligibility depends on automated underwriting findings, with final approval subject to lender review. A score of 740+ gets the best rates. We help borrowers improve credit before applying if needed.
As low as 3% for first-time buyers, 5% for repeat buyers. 20% down avoids PMI entirely.
Private mortgage insurance is generally required with less than 20% down. You can request cancellation when your balance reaches 80% of the home’s original value, subject to eligibility requirements. Cancellation based on appreciation follows separate rules.
In Wake County, the 2026 conforming loan limit for a one-unit property is $832,750. Conventional loan amounts above this limit require jumbo financing.
Yes. Eligible gift funds can cover your entire down payment on a one-unit primary residence, subject to loan-program and lender requirements.
With complete documentation, conventional loans typically close in 30-45 days.
Conforming loans meet Fannie Mae/Freddie Mac guidelines and have lower rates. Non-conforming (jumbo) loans exceed limits or have unique features.
Yes! Conventional loans work for primary residences, second homes, and investment properties with varying down payment requirements.
Typically 43% or less, though up to 50% is possible with strong credit and reserves.
Conventional is better with 680+ credit and 5%+ down. FHA is better for lower credit scores or minimal down payment funds.