Home Loans
Conventional Loans
Competitive rates for qualified buyers. The most popular mortgage in America.
Overview
What Is a Conventional Loan?
A conventional loan is a traditional mortgage not backed by a government agency. These loans typically offer the best rates and terms for borrowers with good credit and a stable financial profile. Conventional loans come in fixed-rate and adjustable-rate varieties with terms ranging from 10 to 30 years.
Key Benefits
Why Choose This Program?
- ✓ Down payments as low as 3%
- ✓ Fixed or adjustable rates available
- ✓ No upfront mortgage insurance with 20% down
- ✓ Loan amounts up to $766,550 (conforming)
- ✓ Jumbo options available for higher amounts
Requirements
What You’ll Need
- ✓ Minimum credit score: 620+
- ✓ Debt-to-income ratio below 43%
- ✓ Stable employment history (2+ years)
- ✓ Proof of income and assets
Who Should Choose This Loan?
Is the Conventional Right for You?
- ✓ Buyers with a credit score of 620 or higher
- ✓ Those who can put down at least 3-20%
- ✓ Borrowers seeking the most competitive rates
- ✓ Homebuyers who want to avoid FHA mortgage insurance
Frequently Asked Questions
Conventional FAQ
What credit score do I need for a conventional loan?
Most lenders require a minimum score of 620, but you’ll get the best rates with a score above 740.
How much do I need for a down payment?
Conventional loans allow as little as 3% down for first-time buyers and 5% for others. Putting down 20% eliminates PMI.
What is PMI and when can I remove it?
Private Mortgage Insurance is required when your down payment is less than 20%. It can be removed once you reach 20% equity.
Are conventional loans better than FHA?
It depends on your situation. Conventional loans typically have lower overall costs for borrowers with good credit, while FHA may be better for those with lower scores. Compare both options →
Not sure if the Conventional is right for you? Compare all loan programs →
Ready for a Conventional Loan?
Get a personalized rate quote and see how much you qualify for.