If you have steady income and solid credit, a conventional loan is often the most cost-effective way to finance a home. It’s the most widely used mortgage type for a reason — fewer fees and a lot of flexibility for buyers who qualify.
Why Buyers Choose It
- No mortgage insurance with 20% down. Put down a fifth or more and you skip monthly PMI entirely.
- A term that fits your budget. Choose from 30, 20, 15, or 10-year options.
- Low down payment available. Qualified buyers can get in with as little as 3% down.
What It Takes To Qualify
- A credit score of 620 or higher
- A down payment starting at 3%
- Documented, dependable income
- A manageable debt-to-income ratio