Conventional loans are traditional mortgages not backed by the government, offering competitive rates and flexible terms for qualified borrowers. Available in both 30-year and 15-year fixed-rate options, conventional loans are ideal for borrowers with good credit and stable income. With as little as 3% down for first-time buyers and the ability to remove PMI once you reach 20% equity, conventional loans offer long-term value.
Key Benefits
Competitive Interest Rates
Lower rates for borrowers with strong credit profiles
Flexible Down Payments
As low as 3% down for qualified first-time buyers
PMI Can Be Removed
Cancel mortgage insurance once you reach 20% equity
Higher Loan Limits
Borrow more than government-backed loan programs
Multiple Property Types
Use for primary residence, second home, or investment property
Fixed or Adjustable Rates
Choose from 30-year, 15-year, or ARM options
Typical Requirements
Credit score typically 620 or higher
Debt-to-income ratio generally below 43%
Stable employment and income verification
Down payment of 3% to 20% (PMI required if less than 20%)
Cash reserves for closing costs
Property appraisal meeting lender standards
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