Learn more about Conventional Loans
Get the loan that fits your life
A Conventional Loan is one of the most common loan types and usually what people think of when they think of a mortgage. Conventional Loans may have a variety of loan term options, have a fixed or adjustable rate, and come in many different options, giving you the freedom to customize.
A few key benefits of Conventional Loans:
Options - Conventional Loans come in all shapes and sizes, meaning you can get the perfect loan with the right term length, down payment, and more to best fit your needs.
High loan limits – A Conventional Loan with a larger limit can offer you more wiggle room if you want to buy a more expensive home or purchase in a high-cost area.
A Conventional Loan might be a good fit if you:
- Have funds for a down payment (including gift funds and down payment assistance)
Want to buy a primary home, vacation home, or rental property
Don’t let myths about Conventional Loans hold you back
Myth #1: You need to put 20% down to qualify for a Conventional Loan
Not true! A Conventional Loan has a 3% minimum down payment requirement. But if you put down less than 20%, monthly PMI (Private Mortgage Insurance) is required.
Myth #2: You need amazing credit
Also not the case! A Conventional Loan has a minimum credit score requirement of 620. However, having healthy credit doesn’t hurt since a higher credit score may help you qualify for a lower mortgage rate.