Purchase Loans
Conventional loans are the most common type of mortgage in the United States and are not backed by a government agency. They offer flexible terms, competitive rates, and options for both first-time and experienced homebuyers with solid credit and stable income.
Conventional loans are available in fixed-rate and adjustable-rate options with terms typically ranging from 10 to 30 years.
Private mortgage insurance (PMI) is required when your down payment is less than 20%, but it can be removed once you build sufficient equity.
Loan limits are set annually by the Federal Housing Finance Agency — amounts above those limits fall into jumbo loan territory.
Most lenders look for a minimum credit score of 620, though a higher score can help you qualify for better rates and terms. Your overall financial profile — including income, debt, and assets — is also a factor.
Qualified buyers can put as little as 3% down on a primary residence. A larger down payment reduces or eliminates the need for private mortgage insurance and lowers your monthly payment.
Private mortgage insurance (PMI) protects the lender if you default and is required when your down payment is less than 20%. You can request removal once your loan balance reaches 80% of the home's original value, and it's automatically cancelled at 78%.
Yes. Conventional loans can be used for primary residences, second homes, and investment properties. Down payment and credit requirements are typically higher for non-primary residences.