The most common way Americans buy and refinance homes. Strong rates, flexible terms, and down payments as low as 3% for qualified buyers.
A conventional loan is a mortgage that is not insured or guaranteed by the federal government. It is the go-to option for buyers with reasonable credit and a stable income. Because we are a broker, we compare conventional pricing across many lenders so you are not stuck with one bank’s rate sheet.
Conventional loans follow guidelines set by Fannie Mae and Freddie Mac, with loan amounts up to the conforming limit that is reset each year by the Federal Housing Finance Agency.
With 20% down you avoid private mortgage insurance (PMI) entirely. With less than 20% down, PMI applies but can fall off later as your equity grows, which is a key advantage over FHA. We will run the numbers both ways so you can see the real monthly difference.
Qualified buyers can put down as little as 3% on a primary residence. More down usually means a lower rate and no mortgage insurance once you reach 20% equity. We will show you several scenarios.
Yes. Unlike FHA mortgage insurance, conventional PMI can be removed once your loan balance reaches roughly 80% of the home’s value, and it automatically terminates at 78% under federal rules.
Conventional loans generally start around a 620 score, but pricing improves as your score rises. If you are not there yet, we will tell you honestly and help you build a plan.
A quick conversation tells you what you would qualify for, with several down-payment scenarios side by side. No credit pull until you say go.
