Conventional.
The workhorse loan for buyers with steady income and a credit score of 620 or higher. No government backing, no upfront insurance premium — and the easiest quote in the business to shop across lenders.
- Down payment from
- 3%
- Credit score from
- 620
- Terms
- 10–30 yr
- Sample 30-yr rate
- 6.250%
Who it tends to fit.
Salaried buyers with two years of steady work history, a debt-to-income ratio under 45% and at least 3% saved — 20% if you want to skip mortgage insurance entirely. If your credit sits above 700, conventional pricing usually beats every government program on total cost.
It also fits buyers who outgrow FHA loan limits but stay under the conforming cap, and anyone who wants the paperwork to move fast: conventional files are the ones lenders can clear to close quickest.
What's included.
- Written quotes from every wholesale lender that fits your file, laid side by side.
- PMI quoted monthly, split and single-premium — you see which one costs least over your horizon.
- Rate lock from 15 to 60 days, with float-down terms spelled out before you lock.
- Appraisal, title and escrow coordinated through one secure upload portal.
- Closing Disclosure reviewed line by line, three business days before you sign.
How a conventional file runs.
Step 1
Pre-approval in 1–3 days
Income, assets and one permission-based credit pull. Your letter goes out with the price range your agent can actually use.
Step 2
Lock after the offer
We re-price all 40+ lenders the morning your offer is accepted and lock the cheapest written quote, not a verbal promise.
Step 3
Close around day 21
Underwriting, appraisal and conditions in about two weeks, then three days with the Closing Disclosure before signing.
Worth knowing first.
Putting less than 20% down means private mortgage insurance, but it is not permanent: once your balance hits 80% of the home's value you can ask to drop it, and it falls off automatically at 78%. On a $750,000 purchase at 10% down, PMI often costs less per month than waiting another year to save — while prices and rents keep moving.
Conventional loans also cap what sellers can contribute and how large a gift you can use, so we map every dollar of your down payment and closing costs on the first call. If the numbers point somewhere cheaper — an FHA file, a temporary buydown — we will say so before you spend a dollar on an appraisal.