Subscribe now for the latest mortgage videos and news!

Call Or Apply Online For Today's Rates!

469-269-0098
Apply Online

Conventional Loans

Take advantage of our new Zero Down Purchase!
Alliance Mortgage Group

Conventional Loan Company Frisco, TX

A conventional mortgage loan is a “conforming” loan, which simply means that it meets the requirements for Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors. This frees up lenders’ funds so they can get more qualified buyers into homes.
469-269-0098
get in touch

0% DOWN PURCHASE

Down payment assistance programs continue to be valuable resource for homebuyers across the country. To help our potential borrowers make a purchase, we are proud to offer a 0% Down Purchase program. Simply put, qualified borrowers receive a 3% down payment assistance loan, up to $15,000, allowing those who meet certaing guidelines to get into a home right now with no down payment.

How borrowers can qualify:

Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible® guideline requirements. For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance. This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien 620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%
-OR-
At least one borrower must be a first-time homebuyer and meet HomeOne® and UWM’s guideline requirements. First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years. 700 FICO and LTV must be greater than 95%, up to 97%

Get in Touch To See If You Qualify

Our 0% Down Purchase program is a powerful tool designed to benefit borrowers. To find out if you qualify, call our office today!

Help more first-time homebuyers achieve homeownership with HomeReady® First.

Eligible borrowers receive:
  • $5,000 grant
  • Up to $500 toward a 1-year home warranty (if applicable)
  • $500 toward appraisal costs
Contact us for eligibility for HomeReady® First with our eligibility tool.
Honest Answers, Stress-Free Closings

What are Conventional Loans?

One type of common non-conforming mortgage is a jumbo loan, which is a mortgage that exceeds conforming loan limits. Because there are several different sets of guidelines that fall under the umbrella of “conventional loans,” there’s no single set of requirements for borrowers. However, in general, conventional loans have stricter credit requirements than government-backed loans like FHA loans.

Down Payment

It’s possible for first-time home buyers to get a conventional mortgage with a down payment as low as 3%. However, the down payment requirement can vary based on your personal situation and the type of loan or property you’re getting. If you’re not a first-time home buyer or making no more than 80% of the median income in your area, the down payment requirement is 5%. If the house you’re buying is not a single-family home (i.e., it has more than one unit), you may need to put down 15%. If you’re buying a second home, you’ll need to put at least 10% down. If you’re getting an adjustable-rate mortgage, the minimum down payment requirement is 5%

Loan Size

For a conforming conventional loan, your loan must fall within the loan limits set by Fannie Mae and Freddie Mac. The loan limit changes annually. For 2024, the conforming loan limit for a single-family home is $766,550. There are exceptions, however. Alaska, Hawaii and other high-cost areas of the country have higher loan limits, ranging up to $1,089,300. To see loan limits for your area, visit the Federal Housing Finance Agency website.
  • Richard Sarey was one of the most helpful people I've received services from--from all fields. He was extremely quick in communicating, open to help us, answered all questions without assumptions or judgements, and was entirely honest from start to finish of our experience. It was quick (literally took about 2 weeks from start to finish, from my first email to completing our closing papers), easy, clearly defined and communicated, and a great deal! We couldn't pass it up. I would HIGHLY recommend Richard--I even did to my own parents, and THEY also worked with him! We just couldn't say more fantastic things about this company and Richard in his role. We appreciated everything he did. So, yes--go with this group! They're amazingly helpful, informative, kind, and of course: do a spectacular job.
    Laura Lawson

  • What Clients Say

    I just closed on my very first house and I don't think the process could have gone any smoother with the guys at Alliance. Richard was so quick with responding to every single one of my questions & stayed in close contact with my realtor throughout the entire process. I hear that a 30 day close is unheard of nowadays and Richard and his team had us closed within 24 days!! I cannot speak highly of Richard and his team and will continue to recommend him to my friends & family! Thanks guys for everything you did to make my home buying dreams come true!
    Holly Hazelwood

  • What Clients Say

    Richard made this a very easy process. He explained everything and was very fast to respond to any questions we had. We liked having a local lender to help navigate friscos market. We would highly recommend!
    Kelly Warren

  • What Clients Say

    We found Richard when we were looking for a local lender near our area because we felt we needed to find someone who knew how to navigate through the process locally given the unusual pandemic landscape. We are eternally grateful for how he guided us through the whole process, made us understand everything we were looking at and also providing us the best rate even compared to all of the online lenders. Richard was patient and supportive throughout the whole process right up to the end. I would recommend anyone looking to purchase a home in the North Texas area to consider Richard Sarey and the Alliance Mortgage Group as their provider. You won't regret it! We still can't thank Richard enough for helping us own our home.
    Vincent R.

  • What Clients Say

    Working with Richard was great, he guided us through the entire process (which was largely unknown to us). Having him on our side was a huge asset and helped our ability to understand and navigate a complex process full of confusing documents - he even sent us a simple video walking us through every detail. Would highly recommend to anyone else!!
    Eddie Pesina

  • What Clients Say

    Richard was great throughout the entire process. I was referred by a family member and it took less than a month from start to finish. Everything was up front and bottom line which made everything easy and stress free. Questions were answered extremely fast with nothing left out. Highly recommend!!!!!
    William MacDonald

  • What Clients Say

    Richard was great to work with. Never felt rushed and he took time to explain and answer all my questions. Thank you!
    Nish K

  • What Clients Say

    Richard has helped us with three mortgage loans over the years and we can’t imagine the process without him! He always provides exceptional, fast, and friendly service. We would highly recommend Richard Sarey, Alliance Mortgage.
    Jennifer Elting

  • What Clients Say

    We were looking for someone that was open on Saturday. After reading reviews, we knew Richard would be the perfect person to process our mortgage. Hands down, best lender I've ever worked with! Integrity, knowledgeable, responsive... all qualities necessary for a home buying experience. Thanks, Richard!
    Pam M
GET STARTED TODAY
Contact The Lending Professionals at

Alliance Mortgage Group

LOCATION
2770 Main St., Suite 221 , Frisco, TX, 75033
LICENSED IN
Serving Clients Throughout Texas & Oklahoma
Call Us
Business Hours
Mon - Fri: 8:00 AM - 6:00 PM Sat: 9:00 AM- 2:00 PM Sun: Closed