Conventional Loans
Conventional loans, from 3% down
The default program for most buyers with decent credit. Better long-term cost than FHA once your score clears about 700, and mortgage insurance that actually goes away.
What a conventional loan actually is
A conventional loan is any mortgage not insured by a government agency. It is the most common program in the country, and for borrowers with credit in the 700s it is almost always the cheapest option over the life of the loan.
Conventional PMI is priced by credit score and loan-to-value, so the difference between a 719 and a 720 score can be real money every month. If you are close to a threshold, we will tell you before you lock rather than after.
Conventional Loans at a glance
- Minimum down payment3% (first-time buyers), 5% otherwise
- Minimum credit score620, with pricing tiers at 680 / 720 / 760
- Mortgage insurancePMI below 20% equity, cancels automatically at 78% LTV
- Max debt-to-incomeTypically 45%, up to 49.9% with strong compensating factors
- 2026 conforming limit$806,500 in most counties
- Property typesPrimary, second home, and investment property
Is It Right For You?
Where Conventional wins, and where it does not
We would rather talk you out of the wrong program now than restructure the file two weeks before closing.
A good fit when
- Credit score above 680
- You want mortgage insurance that eventually disappears
- Buying a second home or a rental
- You have 5% or more to put down
- Condo or manufactured home that meets agency guidelines
Probably look elsewhere if
- Credit score below 640
- Debt-to-income above 50%
- You need seller concessions above conventional limits
- Recent bankruptcy or foreclosure
Compare
Other programs worth pricing
See what a Conventional loan looks like for your file
Three minutes, no credit pull, and a written comparison against the other programs you qualify for.