Conventional Loans
Traditional home loans with flexible terms and competitive rates
What is a Conventional Loan?
Conventional loans are traditional mortgages not backed by government agencies like FHA, VA, or USDA. They offer flexibility and competitive rates for qualified borrowers.
Flexible Down Payment
As low as 3% down payment for qualified buyers
No PMI with 20% Down
Eliminate private mortgage insurance with a 20% down payment
Competitive Rates
Get competitive interest rates based on your credit profile
Flexible Terms
Choose from 15, 20, or 30-year fixed-rate terms
Conventional Loan Requirements
Credit Score
- • Minimum 620 for most programs
- • 740+ for best rates
- • Higher scores = better terms
Down Payment
- • As low as 3% for qualified buyers
- • 20% to avoid PMI
- • Gift funds allowed
Debt-to-Income Ratio
- • Maximum 43% DTI
- • Lower DTI = better approval odds
- • Consider all monthly debts
Employment
- • 2+ years employment history
- • Stable income required
- • Self-employed options available
Conventional vs. FHA Loans
Conventional Advantages
- • No upfront mortgage insurance
- • PMI can be removed
- • Higher loan limits
- • More flexible terms
FHA Advantages
- • Lower credit score requirements
- • Lower down payment (3.5%)
- • More lenient DTI ratios
- • Government-backed