Loan Options

Conventional Loans

“The most common path to homeownership.”

A conventional loan is a mortgage that isn't backed by a government agency like the FHA or VA. It's the most common type of home loan and can be used for primary homes, second homes, and investment properties. For qualified borrowers, a conventional loan may allow a down payment as low as 3%.

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Who it may be a good fit for

Buyers with solid credit and steady, documentable income
Anyone who wants to avoid ongoing mortgage insurance once they reach about 20% equity
Buyers of a primary residence, second home, or investment property

Key things to know

Private mortgage insurance (PMI) usually applies with less than 20% down, and can often be removed later once you reach roughly 20% equity
Your rate and terms depend on your credit, income, down payment, and the property
Available as fixed-rate or adjustable-rate, over a range of terms

What you'll typically need

Recent pay stubs and W-2s (or business/tax returns if self-employed)
Bank and asset statements
Photo ID and information about your monthly debts

Last reviewed: July 2026. This page is general education, not a loan approval or commitment to lend; program details vary by lender and can change. Learn more from Consumer Financial Protection Bureau.

Good to Know

Conventional Loans FAQs

How much do I need to put down on a conventional loan?

For qualified borrowers, some conventional programs allow as little as 3% down. A larger down payment can mean a lower monthly payment and lets you avoid PMI at about 20% equity.

Can I remove PMI later?

Often, yes. Once you reach roughly 20% equity, conventional mortgage insurance can typically be removed — which is different from some government-backed loans.

Can I use a conventional loan for an investment property?

Yes. Conventional financing can be used for primary homes, second homes, and investment properties, though terms vary by occupancy.

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