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Conventional Loans
Traditional financing with competitive rates for qualified borrowers.
3%
Min. Down Payment
620+
Min. Credit Score
50%
Max DTI
Overview
Conventional loans are the most common type of mortgage. They are not insured by any government agency and typically offer the best rates for borrowers with strong credit and a solid down payment. Available in fixed-rate and adjustable-rate options with terms from 10 to 30 years.
Key Benefits
- Down payments as low as 3%
- No upfront mortgage insurance with 20% down
- Fixed and adjustable rate options
- Terms from 10 to 30 years
- Available for primary, second homes, and investment properties
Requirements
- 1Minimum credit score of 620
- 2Stable employment history (2 years)
- 3Debt-to-income ratio under 50%
- 4Proof of income and assets
- 5Property appraisal required
Frequently Asked Questions
What is a conventional loan?+
A conventional loan is a mortgage that is not guaranteed or insured by any government agency. It follows guidelines set by Fannie Mae and Freddie Mac, offering competitive rates for borrowers with good credit.
How much do I need for a down payment on a conventional loan?+
You can put as little as 3% down on a conventional loan. However, if you put down less than 20%, you will need to pay private mortgage insurance (PMI) until you reach 20% equity.
Can I use a conventional loan for an investment property?+
Yes, conventional loans can be used for primary residences, second homes, and investment properties. Investment properties typically require a larger down payment of 15-25%.
Interested in Conventional Loans?
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