Down payment
Conventional financing can allow down payments below 20% in many scenarios, although mortgage insurance may apply.
Conventional mortgages
Understand the flexibility of conventional financing.
Conventional loans can work for first-time buyers, repeat buyers, primary residences, second homes, and investment properties, but the structure changes with credit, down payment, occupancy, and loan amount.
PMI
Private mortgage insurance may be required at higher loan-to-value levels. Cost depends on multiple borrower and loan factors.
Credit profile
Credit history and scores can materially affect conventional pricing and eligibility.
Loan limits
Conforming loan limits are updated periodically and can vary in high-cost areas.
Property types
Conventional financing can apply to a broad range of eligible property and occupancy types.
Compare programs
Conventional should be compared against FHA, VA, USDA, and other options rather than selected by default.