🏡 Buy with Confidence Using a Conventional Home Loan

💬 “The most popular loan option for a reason — flexible, affordable, and built for financially prepared buyers.”

📘 What Is a Conventional Loan?

A Conventional Loan is a mortgage that’s not backed by a government agency like FHA, VA, or USDA. Instead, it’s offered by private lenders and follows the underwriting standards of Fannie Mae and Freddie Mac.

Conventional loans are known for competitive interest rates, low costs, and broad flexibility — making them a smart fit for qualified borrowers looking to avoid long-term mortgage insurance.

✅ Ideal Borrowers

  • 🏠 First-time or repeat homebuyers

  • 💼 Stable income and employment

  • 📈 Good credit (620+; 740+ gets best pricing)

  • 💰 Ability to put 3%–20% down

  • 🎯 Want to avoid upfront mortgage insurance and long-term PMI

💼 Key Features of Conventional Loans

  • ✅ As little as 3% down for first-time buyers

  • ❌ No upfront mortgage insurance premiums

  • ✅ Cancel PMI when you reach 20% equity

  • ⏳ Choose from 10-, 15-, 20-, or 30-year terms

  • 🏡 Eligible for primary homes, second homes, and investment properties

  • 📍 Loan amounts up to $766,550 (higher in high-cost areas)

💰 Conventional Loan Down Payment Options

Buyer Type Minimum Down Payment PMI Required?
First-Time Buyer 3% ✅ Yes, until 20% equity
Repeat Buyer 5% ✅ Yes, until 20% equity
Buyer with 20% Down 20% ❌ No PMI

💡 Gift funds are allowed on most conventional programs — ask us how to structure your offer.

🎯 Who Qualifies for a Conventional Loan?

✔️ Minimum credit score of 620
✔️ Solid income and 2-year work history
✔️ DTI ratio below 45% (sometimes flexible with compensating factors)
✔️ Down payment from savings, gift funds, or down payment assistance
✔️ Home must meet basic condition and appraisal standards

🧾 What You'll Need to Apply

  • ✅ Government-issued ID + Social Security number

  • ✅ 2 months of bank statements

  • ✅ Most recent pay stubs

  • ✅ W-2s and/or tax returns (especially if self-employed)

  • ✅ Executed purchase agreement

  • ✅ HOA contact (if applicable)

📋 View Full Document Checklist

🔗 Related Pages

🚀 Ready to Get Pre-Approved?

Whether you’re buying your first home or upgrading to your next, conventional loans offer powerful flexibility and cost savings. Let’s explore your options.

🔵 [Get Pre-Approved]
📞 [Talk to a Loan Officer]
📋 [See What You’ll Need]

 

🔒 Disclosure

This is not a commitment to lend. All mortgage applications are subject to credit approval, underwriting requirements, and property eligibility. Interest rates, terms, and loan limits are subject to change. Not all borrowers will qualify. Additional restrictions or documentation may apply. Please consult with your licensed loan professional for personalized information.

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