Strong credit. Flexible terms. No government restrictions.
Conventional loans work across single-family homes, second properties, and investment. Down payments as low as 3% and PMI that drops once you hit 20% equity.
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NMLS #2620605
Equal Housing Lender
No credit pull to start
Get pre-qualified without a hard inquiry
A team behind you, one officer to call
Licensed guidance when you are ready
Direct access to your officer
Credit score 620 or higher
As little as 3% down payment
Is this loan right for you?
A conventional loan is a mortgage not backed by a government agency. It is offered through private lenders like banks, credit unions, and mortgage companies, and it follows guidelines set by Fannie Mae and Freddie Mac. Conventional loans are the most common type of home financing in the United States, and they work for a wide range of buyers, property types, and purchase goals.
- Direct access to your officer
- Credit score 620 or higher
- As little as 3% down payment
- Primary, second home, or investment
- Remove PMI at 20% equity
- Move-up buyers, strong credit
Key benefits.
Works for single family homes, condos, multi-unit properties, second homes, and investment properties
Choose from 10, 15, 20, or 30-year fixed terms
Up to $832,550 in conforming loan financing as of 2026
Competitive long-term cost for buyers who qualify
Tradeoffs to understand.
- Stricter credit requirements than FHA, most lenders want 620 minimum
- PMI required if your down payment is under 20%
- Tighter debt-to-income expectations than government-backed options
- Not assumable by a future buyer, loan must be paid off or refinanced at sale
Compare your options.
| Feature | Conventional | FHA |
|---|---|---|
| Down payment | As low as 3% | As low as 3.5% |
| Credit score | 620+ typical | 580+ typical |
| Mortgage insurance | PMI removable at 20% equity | MIP for life of loan in most cases |
| Property types | Broad including investment | Primary residence must meet FHA standards |
| DTI flexibility | Standard | More flexible |
| Assumable | No | Yes |
| Best for | Strong credit buyers | Lower credit or limited down payment |
Down payment
- Conventional
- As low as 3%
- FHA
- As low as 3.5%
Credit score
- Conventional
- 620+ typical
- FHA
- 580+ typical
Mortgage insurance
- Conventional
- PMI removable at 20% equity
- FHA
- MIP for life of loan in most cases
Property types
- Conventional
- Broad including investment
- FHA
- Primary residence must meet FHA standards
DTI flexibility
- Conventional
- Standard
- FHA
- More flexible
Assumable
- Conventional
- No
- FHA
- Yes
Best for
- Conventional
- Strong credit buyers
- FHA
- Lower credit or limited down payment
What happens next
Once you close, track your equity. At 20% you can request PMI removal and lower your monthly payment.
If rates drop, a rate-and-term refinance can reduce your payment without resetting your loan term significantly.
Conventional works for your next purchase too. Same qualification process for second homes and investment properties.
Cash-out refinance lets you tap equity for home improvements, debt consolidation, or other needs.
Keep exploring
Explore related paths
All home loan options
Compare purchase programs and find the path that fits your situation.
Browse home loans →Loan type questions
Plain answers on how conventional, FHA, VA, and other programs compare.
Browse loan FAQ →Common questions, plain answers.
Most conventional loans require a minimum score of 620. A higher score typically means better rates and terms. Your full profile including income, debt load, and down payment also factor into approval.
Questions about rates or payment?
Strong credit? Find out what you qualify for in minutes.
No credit pull to get started. We compare your options and explain the tradeoffs.
5.0 Google Rating
Verified borrower feedback on Google
NMLS #2620605
Equal Housing Lender
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Exact availability shown on each loan officer profile.
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