Conventional loans are traditional mortgages not insured by the government, offered by banks, credit unions, and lenders. They are popular for buyers with solid credit and stable finances.
Program Highlights
– Minimum Credit Score: Typically 620+
– Down Payment: As low as 3% for eligible first-time buyers;
– Primary Residence, Second Homes & Investment Property eligible (requirements differ by property type)
– Private Mortgage Insurance (PMI): Required if down payment is < 20%; may be cancelable once equity reaches 20%
Documentation Required
– Verifiable income and employment (W-2s, pay stubs, tax returns or alternative docs)
– Assets and reserves (bank statements) Anytime Estimate
Flexible Options
– Programs like 97% LTV Conventional, HomeReady® and Home Possible® offer lower down payments with qualifying criteria