Loan program
Conventional Loans
Conventional loans are the most common mortgage type and are not insured or guaranteed by a government agency. Most follow underwriting guidelines set by Fannie Mae or Freddie Mac, which makes them a flexible option across a wide range of borrower profiles, down payment amounts, and property types.
Good fit for
- Buyers with stronger credit and stable income documentation
- Buyers who want to avoid FHA's mortgage insurance structure
- Second-home and investment-property purchases
Key features
- Down payments from as low as 3%
- Certain conventional programs allow down payments as low as 3% for qualifying first-time buyers, though 5–20% is common.
- Private mortgage insurance (PMI)
- PMI typically applies below 20% down, but — unlike FHA's MIP — it can usually be removed once sufficient equity is reached.
- Fixed and adjustable-rate options
- Conventional loans are available in a range of fixed-rate terms and adjustable-rate structures.
- Used for more than primary residences
- Conventional guidelines support primary residences, second homes, and investment properties.
Common questions
What credit score do I need for a conventional loan?
Minimums vary by lender and loan scenario; a licensed loan officer can review your specific credit profile against current guidelines.
Can PMI be removed later?
Generally yes, once the loan balance reaches a certain equity threshold — your loan officer can explain the specific path for your loan.
Talk through conventional loans with a licensed loan officer
Get a straight answer on whether this program fits your situation. A consultation is free and carries no obligation.
Educational overview only. Nothing on this page is a rate quote, an eligibility determination, or a commitment to lend. See Licensing & Disclosures for current licensing. Equal Housing Opportunity.