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Conventional loans
A conventional mortgage is not backed by a government agency, which often means more flexibility on property types and loan purposes — from primary homes to investment properties.
Who it's for
- ✓Buyers with solid credit (typically 620+)
- ✓Buyers purchasing a primary home, second home or investment property
- ✓Buyers who want the option to remove mortgage insurance later
Typical requirements
- ✓Typically 620+ credit score
- ✓PMI typically applies with less than 20% down
- ✓Down payments starting around 3% for qualified buyers
Pros
- PMI can typically be removed later once you build enough equity
- Works for primary homes, second homes and investment properties
- Fixed and adjustable rate options
Considerations
- Typically requires stronger credit than FHA
- PMI typically applies with less than 20% down
Common questions
What credit score do I need for a conventional loan?
Typically 620 or higher. We work with all credit profiles and can tell you where you stand.
Can I remove PMI on a conventional loan?
Typically, PMI applies with less than 20% down and can be removed later once you build enough equity.
Can I use a conventional loan on a second home or investment property?
Yes. Conventional loans work for primary homes, second homes and investment properties.
Not sure if this is your fit?
Take the 60-second quiz or apply now — we'll confirm what you qualify for.