Purchase • Refinance
Conventional Mortgage Loans
Flexible guidelines, competitive pricing, and down-payments starting at 3% for qualified buyers.
Why choose Conventional?
- As low as 3% down (for qualified first-time buyers)
- Strong pricing for 740+ credit; options down to ~620
- No upfront FHA/VA funding fee
- Cancel mortgage insurance when you reach 20% equity
Eligibility at a glance
- Credit: typically 620+ (pricing improves with higher scores)
- DTI: program & AUS-approved; reserves may apply
- Property: 1–4 unit, primary, second home, or investment
- Loan size: up to conforming limits; high-balance where eligible
Rate, APR & Payment (example)
Sample: $400,000 loan amount, 30-yr fixed. APR includes certain costs of credit (e.g., points, some fees) and may be higher than the note rate used to calculate P&I payment. Taxes, insurance, and mortgage insurance (if applicable) are not included. Samples are illustrative only, not a commitment to lend or lock. Your terms will vary based on your profile and market conditions.
What you may need
- Recent pay stubs & W-2s / 1099s
- 2 months of bank/asset statements
- Photo ID, purchase contract (when available)
- Self-employed: 2 years federal returns (business & personal)
Good to know
- First-time buyer? Ask about 3% down options.
- Consider a 15-year term to save on lifetime interest.
- We’ll compare points vs. credits to fit your goals.
FAQs
What’s the minimum down payment?
As low as 3% for qualified first-time buyers; otherwise commonly 5%+.
How is APR different from the rate?
APR reflects certain costs of credit over time; the note rate calculates principal & interest. We show both in your Loan Estimate.
Can I remove PMI?
Yes—PMI can typically be cancelled when you reach 20% equity (subject to investor/servicer rules).
Disclosures:
Program availability, APRs and terms depend on credit, income, assets, property and market conditions. Subject to underwriting approval. Not a commitment to lend.