Conventional Loans

Tailored for Financial Stability

A Conventional Loan offers competitive rates for those with strong credit, verifiable income, and substantial equity. Available for primary residences, second homes, and investment properties.

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Conventional Advantages

Flexibility

Choose between Fixed and Adjustable-rate options to match your financial goals.

Streamlined Approval Process

Automated Underwriting System (AUS) simplifies documentation requirements for income, assets, and property details.

Competitive Rates

Enjoy competitive rates, reflecting the structured guidelines and documentation standards that minimize risk for investors.

Conventional Loan Requirements

Here's what you'll need to get started.

  1. Credit Score Minimum credit score of 620
  2. Debt-to-income ratio Generally 50% or lower
  3. Occupancy Not Required Primary residence, second home, or investment property
  4. Homebuyer Education Informative homeownership course required for certain programs

Qualifications

The home loan that unlocks opportunities

Qualifications

The home loan that unlocks opportunities
  • Typically adheres to Fannie Mae and Freddie Mac guidelines
  • Steady employment history (usually 2 years with the same employer or industry)
  • Can be used for purchases, refinancing and other purposes
  • Single Family Homes (1-4 units), Condominiums, Manufactured Homes, or Townhouses 

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Connect with a Loan Expert

Our Loan Experts are available to answer all your questions.

Conventional Loan FAQs

A Conventional Loan is a mortgage that is not insured or guaranteed by a government agency like FHA, VA, or USDA. Instead, it follows guidelines set by Fannie Mae and Freddie Mac and is offered by private lenders such as banks, credit unions, and mortgage companies.

Most lenders require a minimum credit score of 620 to qualify for a Conventional Loan. However, higher scores (740+) typically result in better interest rates and loan terms.

  • First-time homebuyers may qualify for as little as 3% down with programs like HomeReady® or Home Possible®.
  • Standard Conventional Loans typically require 5%-20% down.
  • If you put less than 20% down, Private Mortgage Insurance (PMI) will be required until you reach 20% equity.

Conventional Loans can be used to finance a variety of property types, including:

  • Primary residences (single-family homes, condos, townhomes, and manufactured homes that meet requirements).
  • Second homes/vacation homes (must meet lender and Fannie Mae/Freddie Mac guidelines).
  • Investment properties (single-family and multi-unit properties up to 4 units).

Most Conventional Loans do not have income limits, but certain low down payment programs, such as HomeReady® and Home Possible®, have income restrictions based on area median income (AMI).