Loan program
Conventional loans
Flexible, straightforward, and often the best fit for buyers with solid credit.
Who it may be for
Buyers with good credit, stable income, and a down payment of at least 3%.
Key benefits
- ✓No upfront mortgage insurance with 20% down
- ✓Competitive rates
- ✓Flexible terms from 10 to 30 years
- ✓Can be used for primary, second, and investment homes
Important considerations
- ·Private mortgage insurance (PMI) required below 20% down
- ·Stricter credit and debt-to-income requirements than some government loans
FAQ
Common questions.
What credit score do I need for a conventional loan?+
Most conventional loans require a 620 credit score or higher, though stronger credit unlocks better rates and lower PMI costs.
Can I put less than 20% down?+
Yes. Conventional loans allow down payments as low as 3%, but you will typically pay PMI until you reach 20% equity.