Looking for a mortgage with competitive rates and flexible terms? Conventional loans offer low down payment options, no mortgage insurance with 20% down, and more lender choices. Whether you’re buying, refinancing, or investing, a conventional loan can be tailored to your needs. Get started today!
Conventional home loans are mortgages that are not insured or backed by the government, making them one of the most flexible and widely used financing options. With low down payment requirements, competitive interest rates, and fewer restrictions, they are ideal for buyers with strong credit.
Conventional loans are great for first-time and repeat buyers, those with good credit and stable income, and anyone looking for customizable loan terms. They also work well for homeowners refinancing for better rates or tapping into home equity.
A lender evaluates your credit score, income, and debt-to-income ratio to determine your eligibility. These loans can be fixed-rate or adjustable-rate and offer term lengths from ten to thirty years, giving you flexibility in repayment.
Conforming loans meet Fannie Mae and Freddie Mac guidelines and offer competitive rates. Non-conforming loans, such as jumbo loans, are designed for higher-priced homes that exceed standard loan limits. Fixed-rate loans provide stable payments with a locked-in interest rate, while adjustable-rate mortgages (ARMs) start with a lower initial rate and adjust over time.
Conventional loans allow down payments as low as three percent for qualified buyers. With a twenty percent down payment, private mortgage insurance is not required, reducing long-term costs. These loans offer competitive interest rates, flexible term options, and can be used for primary homes, second homes, and investment properties.
If you have good credit, stable income, and want lower long-term costs, a conventional loan could be your best option. Whether you’re buying a new home or refinancing, it offers more lender flexibility and fewer fees than government-backed loans.
We specialize in helping homebuyers and homeowners secure the best financing options. Whether you’re purchasing a home, refinancing, or investing, our team ensures you get competitive rates, expert guidance, and a smooth mortgage process.
With access to multiple lenders, we find the most favorable rates and terms for your financial needs. Our personalized loan solutions are tailored to fit your situation, whether you’re a first-time buyer, a homeowner looking to refinance, or an investor expanding your portfolio.
Fast approvals and a hassle-free mortgage process mean you can move into your new home sooner. We handle everything from application to closing, making the experience seamless and stress-free.
Our expert team is here to guide you every step of the way. From understanding loan options to securing the best financing, we make the mortgage process easy and transparent.
With top-tier customer service and unbeatable financing options, we make homeownership a reality. Let’s find the best conventional loan for you—contact us today!
From first-time homebuyers to seasoned investors, we offer a wide range of Home Loan and Mortgage solutions designed to meet your unique needs. Discover competitive rates, flexible terms, and expert support to help you achieve your homeownership goals.
A conventional home loan is a mortgage that is not backed by a government agency such as the FHA, VA, or USDA. These loans are funded by private lenders and typically conform to guidelines set by Fannie Mae and Freddie Mac. Borrowers must meet specific credit, income, and down payment requirements to qualify. Conventional loans offer flexible loan terms and can be used for primary residences, second homes, and investment properties.
Conventional loans provide competitive interest rates, flexible loan terms, and lower overall borrowing costs for qualified borrowers. They do not require upfront mortgage insurance if a borrower puts down at least 20 percent. Compared to government-backed loans, conventional mortgages have fewer restrictions on property types and loan limits, making them a preferred choice for many homebuyers.
Most lenders require a minimum credit score of 620 to qualify for a conventional loan. However, borrowers with higher credit scores typically receive better interest rates and loan terms. A score of 740 or above can result in significantly lower interest rates and reduced private mortgage insurance (PMI) costs.
Private mortgage insurance (PMI) is required for conventional loans when the down payment is less than 20 percent. PMI protects the lender in case of borrower default. However, once the borrower reaches 20 percent equity in the home, PMI can be removed, reducing monthly mortgage costs.
No, conventional loans are available to both first-time and repeat homebuyers. Unlike some government-backed programs that are designed for specific borrower categories, conventional loans offer financing options for primary residences, vacation homes, and investment properties.
Conventional home loans come in various forms, including conforming loans that follow Fannie Mae and Freddie Mac guidelines and non-conforming loans, such as jumbo loans, which exceed standard loan limits. Fixed-rate and adjustable-rate mortgage (ARM) options are also available, allowing borrowers to choose a loan structure that best fits their financial goals.
Conventional loans generally require higher credit scores but offer more flexibility with property types and loan amounts. FHA loans have lower credit score requirements and smaller down payment options, making them ideal for first-time buyers with limited credit history. However, FHA loans require mortgage insurance for the life of the loan, whereas PMI on a conventional loan can be removed once the borrower reaches 20 percent equity.
Yes, conventional loans are one of the best options for financing investment properties. Unlike government-backed loans, which typically require the property to be a primary residence, conventional loans allow borrowers to purchase rental properties and vacation homes. Lenders may require a larger down payment and higher credit score for investment properties compared to primary residences.
Unlike some government-backed mortgage programs, conventional loans do not have income limits. However, lenders evaluate a borrower’s debt-to-income (DTI) ratio to determine eligibility. A DTI ratio of 43 percent or lower is preferred, although some lenders may accept higher ratios with compensating factors such as strong credit history or significant cash reserves.
The approval process for a conventional loan typically takes 30 to 45 days, depending on lender requirements and borrower documentation. Factors such as credit history, employment verification, and home appraisal can affect the timeline. Pre-approval before house hunting can speed up the mortgage process.
Conventional loan limits are set annually by the Federal Housing Finance Agency (FHFA) and vary by location. In 2024, the standard conforming loan limit is $766,550 for most areas, while high-cost areas may have limits up to $1,149,825. Borrowers needing financing beyond these limits may consider jumbo loans, which have different qualification criteria.
Yes, conventional loans can be refinanced to secure a lower interest rate, change loan terms, or access home equity. Borrowers with a significant amount of home equity may qualify for a cash-out refinance, which allows them to take out a larger loan and receive the difference as cash. Refinancing can also be used to eliminate PMI once sufficient home equity has been built.
If you don’t qualify for a conventional loan, alternative mortgage programs such as FHA, VA, or USDA loans may be options. Borrowers can also work on improving their credit score, reducing debt, or increasing their down payment to meet conventional loan requirements in the future. Consulting with a mortgage specialist can help identify the best loan option for your situation.
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