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What You Can Buy With A Convention Loan

This list of what you can buy with a conventional mortgage is quite straight forward.  You can buy anything that your lender is willing to finance as a mortgage with a mortgage loan.

However, there are guidelines that most lenders follow.  Here is the list of types of properties that you can mortgage according to the guidelines:

  • 1-4 family residences;
  • modular homes;
  • manufactured homes;
  • planned unit developments; and,
  • warrantable condominiums.

The uses these properties can be any of the following (note: we are specifically excluding business uses from this list… If you have a business use, see you lender.

  • primary residences;
  • second homes; and,
  • investment property.

These guidelines are developed by the organizations such as the National Mortgage Association, Freddie Mac and Fannie Mae.  If you don’t know who Freddie and Fannie are, see the articles about them under the Basics menu or click the link in the previous sentence.

If you have questions about what you can mortgage and what you can’t, contact a lender in your area.

Also, you may want to contact multiple lenders, one lender may allow you to obtain a mortgage loan for something that another lender will not allow you to get a mortgage on.