Conventional Loans
The gold standard of home financing — competitive rates, flexible property options, and no government restrictions for qualified buyers ready to own on their terms.
Built for Qualified Buyers
Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.
However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.
Why Conventional Wins
No government restrictions means more flexibility on property type, loan amounts, and terms — ideal for buyers with strong credit who want the best possible deal.
What Makes Conventional Stand Out
As Low as 3% Down
Qualified buyers can put down as little as 3% through programs like Fannie Mae HomeReady or Freddie Mac Home Possible.
Better Rates for Good Credit
Conventional loans reward strong credit with lower interest rates and better terms — the higher your score, the better your deal.
No Upfront MIP
Unlike FHA loans, conventional loans have no upfront mortgage insurance premium — saving you money at closing.
PMI Removable
Private mortgage insurance is not permanent. Once you reach 20% equity, you can request cancellation and lower your monthly payment.
Multiple Property Types
Finance a primary residence, vacation home, or investment property — conventional loans cover all property types without restriction.
Higher Loan Limits
Conventional conforming loans go up to $766,550 in most areas — and jumbo conventional loans go even higher for luxury properties.
Do You Qualify?
Basic Requirements
Great For...
Not sure if conventional is right for you? Stevenson compares every available loan option against your credit, income, and goals to make sure you're in the loan that saves you the most over time.
Conventional vs. FHA
| Feature | Conventional Loan | FHA Loan |
|---|---|---|
| Minimum Down Payment | 3% – 20% | 3.5% |
| Minimum Credit Score | 620+ | 500–580+ |
| Mortgage Insurance | PMI (removable at 20%) | MIP (for life of loan in most cases) |
| Debt-to-Income Ratio | Up to 45% | Up to 43%+ |
| Gift Funds Allowed | ✔ Yes (with restrictions) | ✔ Yes |
| Seller Concessions | Up to 3% – 9% | Up to 6% |
| Property Requirements | More flexible | Stricter (FHA appraisal) |
| Best For | Stronger credit / better rates | Lower credit / low down payment |
Your Path to Closing
Apply & Pre-Qualify
Complete a simple application online. We review your credit, income, and assets to determine your conventional loan eligibility.
Conditional Approval
Receive a pre-approval letter showing sellers you're a serious buyer backed by a solid conventional loan commitment.
Find Your Home
Shop with confidence. Your pre-approval tells you exactly how much house you can buy.
Close & Get Keys
We handle underwriting and coordinate closing so you can move in without the stress.
Let's Find Out If Conventional Is Right For You
Whether conventional is the right fit depends on your credit, goals, and property type. One quick conversation with Stevenson gives you a clear answer.