Conventional Loans Explained
What Is a Conventional Loan?
A conventional loan is a mortgage not backed by the government. These loans follow guidelines set by Fannie Mae and Freddie Mac and are popular for buyers with solid credit and stable income.
Who Qualifies for a Conventional Loan?
Borrowers typically need good credit, manageable debt, and steady income. Meeting these requirements helps you access competitive rates and flexible terms.
Benefits of Conventional Loans
Conventional loans offer competitive interest rates, flexible down payment options, and the ability to remove PMI once you reach 20% equity.
Down Payment and PMI
Down payments can start as low as 3% for qualified buyers. PMI applies when putting less than 20% down but can be removed once equity increases.
See If a Conventional Loan Fits Your Goals
Compare requirements, rates, and benefits to decide if a conventional loan is right for you.
Ready to see your loan options? Start below — fast, secure, and no credit impact.