Loan Programs · Conventional Loan
The Standard Option
For buyers with solid credit and some savings. Usually the lowest-cost choice if you qualify.
A conventional loan isn't backed by a government agency like the VA or FHA. It's the most common type of mortgage, and for buyers with solid credit and a reasonable down payment, it's usually the lowest-cost option overall.
Down payments can be as low as 3% for some conventional programs, though putting down 20% or more lets you avoid private mortgage insurance (PMI) entirely. Below 20% down, PMI applies, but unlike FHA's mortgage insurance, it typically cancels automatically once you've built enough equity.
Conventional loans come in fixed-rate and adjustable-rate versions, and in different terms (15-year, 30-year, and others). Because there's no single government agency setting the rules, lenders have more flexibility, which is exactly the kind of flexibility we use when shopping your file across our network.
Curious what a conventional loan would actually cost you? Run the numbers, no commitment. Or see why shopping it through a broker beats walking into one bank.
Still deciding between programs?
General information, not a commitment to lend. Rates, terms, and eligibility vary by lender and are subject to underwriting guidelines. Equal Housing Lender, NMLS #2354674.
How Conventional compares
Side by side with the other programs most buyers choose between.
| Compare | VA | FHA | Conventional | USDA |
|---|---|---|---|---|
| Minimum down payment | $0 | 3.5% | As low as 3% | $0 |
| Monthly mortgage insurance | None | Yes (MIP) | Until you reach 20% equity (PMI) | Annual guarantee fee, lower than PMI |
| Credit flexibility | Flexible | Most flexible | Solid credit gets the best terms | Flexible |
| Where the home can be | Anywhere | Anywhere | Anywhere | Eligible rural and suburban areas |
| Built for | Veterans, active duty, some spouses | First-time buyers, lower scores | Buyers with good credit and some savings | Buyers outside big city limits |
General program guidelines only. Your actual terms depend on the lender, your credit, and the property. Not a commitment to lend.
Common questions
Do I need 20% down for a conventional loan?
No, that's a common myth. Some conventional programs go as low as 3% down, you'll just carry mortgage insurance until you build enough equity.
Fixed or adjustable rate, which is better?
It depends on how long you plan to stay in the home and your comfort with rate changes. We'll walk through both with your real numbers.
Popular with everyday buyers
Other programs in the same lane. All 23 →
Ready when you are
Think Conventional might be your fit?
A real, licensed loan officer checks it against your actual situation and every lender that offers it. No obligation, no credit pull to start.
NMLS #2354674 · Equal Housing Opportunity · Not a commitment to lend