Conventional Loans

There are two types of conventional loans; conforming and non-conforming.


Conforming mortgages meet the requirements of two government sponsored enterprises, Fannie Mae and Freddie Mac. They have the same maximum loan limits as FHA loans, however they require a higher credit score than FHA loans, a minimum of 620, and most require a higher down payment of at least 5%. However, we also offer two programs, HomeReady® and Home Possible®, for low income borrowers and/or properties in underserved areas that allow down payments as little as 3%.


Non-conforming mortgages are loans that don’t fit into FHA, Fannie Mae, or Freddie Mac guidelines. Non-conforming loans may include mortgages that have a loan amount larger than the FHA maximum loan limits, which are also known as Jumbo loans.

Non-conforming loans can also be non-QM loans, which have different requirements by which a borrower can qualify. We offer a large variety of these non-QM loans, including asset depletion, self-employed bank statement programs, no debt service coverage investor cash-out refinances, foreign investors and more. We can connect you to one of our loan originators for more information.

  • Asset Depletion- this is a method of qualifying for a loan based on assets alone, not income. Your total assets are calculated and used to determine if you can pay back your mortgage using them.
  • Self-Employed Bank Statement- for this type of loan we look at a self-employed borrower’s business or personal bank statements and use their deposits to qualify them for the loan. No tax returns are required.
  • No Debt-Service Coverage Investor- we will lend you up to 70% of a 1-4 family property’s value regardless of how much income it generates.
  • Foreign Investor- Foreign Nationals who possess a passport from an eligible country can obtain financing for 1-4 family homes and approved condominiums.

To learn more about Conventional Loans, contact our Cliffco Mortgage Bankers loan specialists at (516) 231-1654 or email Each one of our licensed experts can help answer any questions you might have, guiding you every step of the way through the loan process. We are licensed in New York, New Jersey, Pennsylvania, Connecticut, Florida, Texas and the US Virgin Islands. We look forward to hearing from you!