America's most common mortgage — flexible terms, competitive rates, and as little as 3% down for the homes you live in, get away to, and invest in.
A conventional loan is a mortgage that isn't backed by a government agency like the FHA or VA. Instead it follows guidelines set by Fannie Mae and Freddie Mac — which is exactly why it's the go-to choice for so many buyers with steady income and reasonable credit.
The appeal is flexibility. You can put down as little as 3% on your first home, buy a vacation place or a rental, and — unlike FHA — cancel your mortgage insurance once you've built enough equity. Strong credit is rewarded with some of the most competitive rates available.
Put strong credit to work: with 20% down there's no mortgage insurance at all — and below that, it falls away as your equity grows.
Unlike FHA's lifetime insurance, conventional PMI can be cancelled once you reach roughly 20% equity — lowering your payment for good.
Qualified first-time buyers can put down as little as 3%, and 5% opens the door to even more flexibility.
The better your credit profile, the better your rate. Conventional pricing rewards borrowers who've done the work.
One program covers the home you live in, your weekend escape, and the rental that builds your wealth.
Finance up to the conforming loan limit in your county without stepping into jumbo territory or extra paperwork.
Down payment help from family? Conventional guidelines allow gift funds toward your down payment and closing costs.
General guidelines — not hard cutoffs. The best way to know where you stand is a quick, no-pressure conversation.
For a primary residence, qualified first-time buyers may put down as little as 3%. Many buyers choose 5–20%. Putting 20% down removes mortgage insurance entirely, but it isn't required to get approved.
Conventional mortgage insurance can typically be cancelled once your loan balance reaches about 80% of the home's value, and it automatically terminates at 78% under federal rules. That's a key advantage over FHA loans.
It depends on your credit and down payment. Conventional often wins for borrowers with stronger credit because the mortgage insurance is cancellable and pricing rewards good credit. FHA can be better with lower scores. We'll compare both for you.
Yes. Conventional financing is available for investment properties and second homes, usually with a higher down payment than a primary residence. It's one of the most flexible programs for building a portfolio.
Tell us a little about your plans and a local loan officer will map out your down payment, rate range, and next steps — usually within the hour on business days.
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