Conventional Mortgages
The most popular choice for homebuyers with good credit and stable income. Enjoy competitive rates, flexible terms, and lower costs over the life of your loan.
The most popular choice for homebuyers with good credit and stable income. Enjoy competitive rates, flexible terms, and lower costs over the life of your loan.
Conventional mortgages offer flexibility and competitive rates for qualified borrowers.
Typically lower interest rates compared to government-backed loans for borrowers with strong credit.
Avoid private mortgage insurance entirely when you put 20% or more down on your home.
Choose from 10, 15, 20, or 30-year loan terms to match your financial goals.
Finance primary residences, second homes, or investment properties with conventional loans.
Put as little as 3% down for first-time homebuyers with qualifying programs.
Remove mortgage insurance once you reach 20% equity in your home.
While requirements can vary, here are the general guidelines for conventional mortgage approval:
Our loan experts can review your situation and help you understand your options - no obligation.
Check Your EligibilityNo SSN required. No impact to credit score.
Conventional loans have maximum amounts that vary by location.
$832,750
For most areas in the US
$1,249,125
For designated high-cost markets
In Alaska and other specially designated areas, the standard limit is $1,249,125 and the high-cost ceiling is $1,873,675. Limits are set annually by the Federal Housing Finance Agency and vary by county.
Conforming loans meet the guidelines set by Fannie Mae and Freddie Mac, including loan limits and underwriting standards. Non-conforming loans (like jumbo loans) exceed these limits or have different requirements.
Yes! Conventional loans allow down payments as low as 3% for qualified borrowers. You'll need to pay private mortgage insurance (PMI) until you reach 20% equity, but this can be removed once you hit that threshold.
Under the Homeowners Protection Act, automatic termination of PMI occurs when your loan balance is scheduled to reach 78% of the original value of the property, provided you are current on your payments. You may also request cancellation at 80% loan-to-value subject to the requirements of the Act. Some borrowers order a new appraisal to show increased home value.
It depends on your situation. Conventional loans typically have lower overall costs if you have good credit (680+) and can put at least 5% down. FHA loans may be better for lower credit scores or smaller down payments. We can help you compare both options.
Our mortgage experts are here to help you find the right conventional loan for your needs.