What is the minimum down payment for a conventional loan?

As little as 3% down with qualifying programs for first-time buyers. Most buyers put 5-20% down.

What credit score do I need?

Minimum 620 credit score. Best rates typically start at 740+.

Conventional Mortgages

Conventional Loans With Competitive Rates and Expert Guidance.

Q: When does PMI go away?

Private mortgage insurance automatically cancels once your loan balance drops to 80% of your home's original value.

The most popular mortgage option in America — done right. Flexible terms, down payments from 3%, and no upfront mortgage insurance premium.

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Min. Down Payment

620+

Min. Credit

$766K

Loan Limit

21 Days

To Close

Why Conventional

Key Advantages of a Conventional Loan

💰

Down Payment From 3%

First-time buyers can put as little as 3% down with qualifying programs. Most buyers use 5–20% depending on their financial situation.

📉

No Upfront MIP

Unlike FHA loans, conventional loans have no upfront mortgage insurance premium — saving you thousands at closing that go directly toward your home.

🏠

Primary, Second & Investment

Finance your primary home, vacation property, or investment rental. Conventional guidelines cover all occupancy types with competitive terms.

📈

PMI Removable

Private mortgage insurance drops off automatically once you reach 20% equity. With FHA, MIP often stays for the life of the loan.

See Your Conventional Loan Options

Get a personalized rate estimate and side-by-side comparison from Alex. Takes minutes, no credit pull required.

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Requirements

Qualification Highlights

✓
620+ Credit Score
Best rates typically start at 740+
✓
3–20% Down Payment
PMI required until 20% equity is reached
✓
Stable Employment History
2+ years same employer or same field preferred
✓
DTI Below 45%
Debt-to-income ratio guideline for standard approvals
✓
Conforming Loan Limits
Up to $766,550 (higher in some high-cost counties)
✓
Property Condition
Must meet conventional appraisal standards

FAQ

Common Questions

What's the difference between conforming and conventional?

All conforming loans are conventional, but not all conventional loans are conforming. Conforming loans meet Fannie Mae/Freddie Mac guidelines and loan limits. Jumbo loans exceed those limits but are still "conventional" in that they're not government-backed.

When does PMI go away?

PMI automatically cancels once your loan balance drops to 80% of your home's original value. You can request cancellation at 80%; it's automatic at 78%. With a refinance, a new appraisal can establish current value for faster PMI removal.

Is a conventional loan better than FHA?

It depends on your situation. Conventional is usually better if you have 620+ credit and 5%+ down. FHA often wins for lower credit scores or smaller down payments. Alex will show you both options side-by-side with real numbers.

Can I get a conventional loan after bankruptcy?

Yes, with a waiting period. Chapter 7: 4-year wait from discharge. Chapter 13: 2 years from discharge or 4 years from dismissal. Active credit rebuilding during the waiting period significantly improves your outcome.

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