Conventional Loans

Conventional loans are the most popular type of mortgage. They are typically fixed in their terms and rates, offering stability and predictability for borrowers. These loans are not insured or guaranteed by the federal government, making them a preferred choice for borrowers with strong credit, a stable income, and the ability to make a down payment of at least 3-20%. This page will delve into the benefits, requirements, and various options available under conventional loans.


Recommended loan requirements.

  • Credit score of at least 620.
  • Stable income and employment history.
  • Down payment of 3-20%.
  • Debt-to-income ratio below 45%.
  • Typically, the minimum down payment is 3-5% of the purchase price, but it can vary based on the lender's requirements and the borrower's credit profile.

  • No, conventional loans are available to all qualified buyers, not just first-time homebuyers.

  • Generally, a credit score of 620 or higher is needed, but a higher score can secure better interest rates and terms.

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