Who this may fit
Conventional loans are mortgages that are not insured or guaranteed by FHA, VA, or USDA. Conforming conventional loans follow agency guidelines and county loan limits; other conventional loans may have different rules. They can work for first-time and repeat buyers, including eligible self-employed borrowers.
Preparation checklist
- Recent pay statements or self-employment records and tax returns
- Asset statements and explanations of large deposits
- Property address, intended occupancy, and details of existing debts
How to compare this option
Compare the interest rate, APR, points, mortgage insurance, closing costs, and cash left after closing. A lower down payment keeps more savings available but increases the amount borrowed. An investment property or second home generally has different pricing and down payment requirements from a primary home.
Sharing documents safely
Use the preparation checklist above. Use the secure application portal for financial documents; please do not send statements or tax returns through the general inquiry form.
Frequently asked questions
Do I need 20% down?
No. Certain eligible primary-home programs allow as little as 3% down. Borrower, income, property, and lender restrictions apply; that minimum does not apply to every conventional loan.
When is mortgage insurance required?
Private mortgage insurance is generally required with less than 20% down. Ask how it is paid and when cancellation or automatic termination may apply. Home appreciation alone does not automatically remove it.
Can I qualify if I own a business?
Yes. A lender evaluates the stability and continuity of qualifying income, not simply gross business revenue. Some tax-return adjustments may be allowed. Compare this path before assuming you need a bank statement loan.
Fixed rate or adjustable rate?
A fixed rate keeps principal and interest stable; taxes and insurance can still change. An adjustable rate can change after an initial period. Review the index, margin, adjustment caps, and potential future payment.
Sources & further reading
Educational review: October 30, 2026. Guidelines and availability can change. Lender examples explain product structures and do not establish IMS availability or quoted terms.
Program availability, fees, and qualification requirements vary by lender, property, location, and borrower. These guides are educational, not an offer, quote, eligibility decision, or commitment to lend.