Conventional Mortgages


Conventional mortgages can be the perfect match for those with a good credit history looking for a variety of down payment options and loan amounts. These mortgages follow the lending guidelines set forth by government-sponsored enterprises like Fannie Mae or Freddie Mac. A conventional mortgage can come with super low closing costs and flexible payment options.

Highlights:

  • Down payments as low as 3%

  • No mortgage insurance options

  • Low monthly mortgage insurance, if required

  • Multiple mortgage insurance payment structures available, if required

Did You Know?

There are several types of conventional mortgages.

Fixed Rate

Fixed Rate

For borrowers that prefer to keep the same rate and same monthly payments throughout the duration of their mortgage, a fixed-rate mortgage may be right for you. BankSouth Mortgage offers a variety of down payment options for fixed-rate mortgages.

 

Adjustable Rate

Adjustable Rate

This type of mortgage starts with a fixed rate for a set determined amount of time (3, 5, 7 or 10 years), with the possibility of the rate changing for the remaining life of the loan. ARMs typically offer lower initial rates and, therefore, lower initial monthly payments than fixed rate mortgages, which makes this type of mortgage ideal for borrowers who don’t plan to be in their home very long or who want to take advantage of falling interest rates without refinancing.

 

Jumbo

Jumbo

Mortgages above $453,100 are considered jumbo mortgages and have special rules. Because of the large size of these loans, the interest rates tend to be higher and the approval requirements more stringent. BankSouth Mortgage offers jumbo programs with low down payments.

 


Get Started

Ready to get started? Let us help find a loan that works for you.

Apply Now

Down Payment Assistance

Need help with your down payment? BankSouth Mortgage is pleased to offer down payment assistance programs to qualified borrowers

Learn More