Freddie Mac conventional loan terms overview. Max LTV is 97%. Minimum FICO score required is 620. Property types include single family, condo, townhouses, multi-family, and manufactured homes. Occupancy types are primary, secondary, and investment properties. Loan terms range from 8 to 30 years. Best terms are available for borrowers with credit scores over 700.

The Most Common Type of Mortgage

Key Loan Details (Purchase or Refinance)

  • Best Terms for Most Borrowers: It’s the most popular because it offers the best terms for most people. That means the lowest payment for the least cost.

  • HomePossible: A special type of Conventional loan only for buyers making less than 80% Area Median Income. Freddie Mac waives significant pricing adjustments; that means you get a better rate if you qualify.

  • CHOICERenovation: Freddie Mac’s renovation loan program designed to finance renovation costs. You put down a percentage of the completed value, as little as 3%.

  • Funding Sources: Down payments and closing costs can be covered through gifts, grants, or Community Seconds®, with no minimum personal contribution required.

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