Conventional Loans: Flexible Financing for Bergen County Homes
Get competitive rates with flexible down payment options. As little as 3% down for first-time buyers. PMI can be removed at 20% equity.
Licensed Mortgage Broker • NMLS #1577754 • Equal Housing Lender
Why Choose a Conventional Loan?
The most popular mortgage option for qualified borrowers
Low Down Payment Options
First-time buyers qualify with just 3% down. Repeat buyers need 5% minimum. More down payment options than FHA (3%, 5%, 10%, 15%, 20%) to fit your financial situation.
Competitive Interest Rates
Conventional loans often have the lowest rates for borrowers with good credit (680+). Higher credit scores unlock progressively better rates. Rate discounts available with relationship pricing.
PMI Can Be Removed
Unlike FHA loans, conventional PMI automatically terminates at 22% equity. Request removal at 20% equity through payments or appreciation. Lower PMI costs than FHA for good credit.
Flexible Property Types
Finance primary residences, second homes, and investment properties. Approved for single-family homes, condos, townhouses, and multi-unit properties (up to 4 units). More property flexibility than government loans.
Higher Loan Limits
Bergen County 2025 limit is $929,200 for single-family homes - among the highest in NJ. Covers most Bergen County properties without requiring jumbo financing. Much higher than FHA limits.
No Upfront Mortgage Insurance
Only monthly PMI if under 20% down - no upfront premium. FHA charges 1.75% upfront PLUS monthly MIP. Conventional saves you thousands at closing compared to FHA.
Current Conventional Loan Rates
Updated daily • Rates subject to change • NMLS #1577754
*Principal, Interest & PMI. Does not include taxes, insurance, or HOA fees. PMI removable at 20% equity.
Rate Disclaimer: The rate shown is for illustrative purposes and may not reflect the rate available to all borrowers. Your actual rate depends on credit score, loan-to-value ratio, property type, occupancy status, and other factors. Contact CMG Home Loans for a personalized rate quote. NMLS #1577754.
Conventional Loan Requirements
Qualification guidelines for Bergen County conventional mortgages
| Credit Score | Minimum 620 (640+ recommended for best rates). 680+ for excellent rates. 740+ qualifies for absolute best pricing. Lower scores may require higher down payment. |
| Down Payment |
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| Debt-to-Income Ratio | Typically 45% maximum (up to 50% with strong compensating factors like high credit score, reserves, stable employment). Front-end ratio (housing only) ideally under 28%. |
| Employment History | Minimum 2 years stable employment history preferred. Same field/industry acceptable. Self-employed borrowers need 2 years tax returns. Recent job changes OK if in same profession with higher income. |
| Reserves | 2-6 months of mortgage payments in savings recommended (required for some scenarios). Investment properties require 6+ months. Higher reserves may offset other weaknesses. |
| Property Type | Primary residence, second home, or investment property. Single-family, condo (warrantable), townhouse, 2-4 unit multi-family (owner-occupied). Manufactured homes with permanent foundation. |
| Loan Limits (Bergen County 2025) | $929,200 for single-family homes (high-cost area). $1,189,950 for 2-unit, $1,438,200 for 3-unit, $1,787,650 for 4-unit. Amounts above require jumbo financing. |
| Private Mortgage Insurance (PMI) | Required if down payment less than 20%. Cost varies by credit score and down payment (typically 0.3% to 1.5% annually). Removable at 20% equity, auto-terminates at 22% equity. |
| Documentation | W-2s (2 years), pay stubs (30 days), bank statements (2 months), tax returns (2 years if self-employed), credit report, employment verification, asset documentation, gift letter if applicable. |
| Appraisal | Full appraisal required. Property must meet conventional lending standards (generally less strict than FHA/VA). Appraisal waivers available for some low LTV refinances with AUS approval. |
Calculate Your Conventional Loan Payment
Estimate your monthly payment with different down payment scenarios
Conventional Loan Questions Answered
Common questions about conventional mortgages in Bergen County
What is the minimum down payment for a conventional loan?
What credit score do I need for a conventional loan?
How can I remove PMI from my conventional loan?
What are the Bergen County conventional loan limits for 2025?
Can I use gift funds for my conventional loan down payment?
What is the difference between conforming and non-conforming conventional loans?
How long does conventional loan approval take?
Ready to Get Started with a Conventional Loan?
CMG Home Loans offers competitive conventional mortgage rates with flexible terms. Get pre-approved in 24-48 hours and start your Bergen County home search with confidence.
Licensed Mortgage Broker • NMLS #1577754
Serving Bergen County homebuyers since 2015
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