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Conventional Loans

Traditional financing with flexible down payment options and competitive rates for qualified borrowers.

Conventional loans are mortgages that are not insured or guaranteed by the federal government. They're backed by private lenders and typically require higher credit scores and larger down payments, but offer more flexibility and can be more cost-effective for qualified borrowers.

Key Benefits

• Flexible down payment options - As low as 3% for qualified first-time buyers

• No mortgage insurance with 20% down - Eliminate PMI with a larger down payment

• Higher loan limits - Can finance more expensive properties than FHA loans

• Competitive rates - Often lower than government-backed loans for well-qualified borrowers

Frequently Asked Questions

What credit score do I need for a conventional loan?
Most conventional loans require a minimum credit score of 620, though higher scores (740+) will get you the best rates and terms.
What is the difference between conforming and non-conforming conventional loans?
Conforming loans meet Fannie Mae and Freddie Mac guidelines and have loan limits (currently $832,750 in most areas). Non-conforming or jumbo loans exceed these limits and have different requirements.
Do I need a 20% down payment?
No, you can put down as little as 3% for a conventional loan, though you'll need to pay PMI if your down payment is less than 20%.

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