Traditional Home Financing with Conventional Loans

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What is a Conventional Loan?

A Conventional Loan is a traditional mortgage that is not insured or guaranteed by the federal government. These loans typically require higher credit scores and larger down payments than government-backed loans, making them ideal for borrowers with stable income and good credit.

Conventional Loans are versatile and can be used for purchasing a primary residence, second home, or investment property. They often come with fewer restrictions and more flexibility compared to government-backed loans.

Loan Benefits

No Upfront Mortgage Insurance

Avoid upfront mortgage insurance premiums, lowering your initial costs.

Wide Range of Property Types

Finance primary residences, second homes, or investment properties with a Conventional Loan.

Higher Loan Limits

Access higher loan amounts compared to government-backed loans, making it easier to purchase more expensive properties.

Eligibility Requirements

Minimum credit score of 620 (higher for better rates)
Down payment of at least 3% (higher for better rates)
Proof of stable employment and income
Debt-to-income ratio within acceptable limits (typically around 43%)
Private mortgage insurance (PMI) required for down payments of less than 20%
Property must meet lender-specific appraisal standards

Start your Conventional Loans Application

Today’s mortgage rates

Rates as of Dec 13, 2024 See assumptions

Frequently asked questions

What is the minimum down payment for a Conventional Loan?

The minimum down payment is 3%, but higher down payments may qualify you for better rates.

Can I use a Conventional Loan to refinance my existing mortgage?

Yes, Conventional Loans can be used for refinancing, offering options for both rate-and-term and cash-out refinances.

What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage has a constant interest rate for the life of the loan, while an adjustable-rate mortgage (ARM) has an interest rate that can change periodically.

Do Conventional Loans require mortgage insurance?

Private mortgage insurance (PMI) is required if your down payment is less than 20%. PMI can be removed once you reach 20% equity.

What types of properties can be financed with a Conventional Loan?

Conventional Loans can be used to finance single-family homes, multi-family homes, condominiums, and investment properties.

See what our clients say about us

We are humbled by the kind words of our clients. And we are happy that we were the ones to help turn their mortgage goals into reality.

First-Time Homebuyers' Delight

Suzie and the Truss Financial Group exceeded our expectations in securing our mortgage as first-time homebuyers. Suzie's expertise and guidance made the potentially daunting process incredibly smooth and manageable.

Robert F.

San Tan Valley, AZ, Software Engineer

Great for Bank Statement Loans

I did a bank statement income loan and it chose to not include some deposits. This is just a heads up, not a complaint. Truss is definitely a good company, and I would ABSOLUTELY work with them again. Marcus was honest and helpful throughout the process.

Berj F.

Concord, CA, Business Owner

Personalized Service

"I am more than pleased to work with Delania Tak and would confidently recommend her to anyone seeking reliable assistance in securing a loan. Her commitment to excellence and personalized care make her an exceptional choice."

Howard L.

CA, Real Estate Investor

Cash-Out Refinance Made Easy

Thank you so much to Guillermo Correa and Truss Financial. They made doing my cash-out refinance a piece of cake! The interest rate was much lower than other lenders I checked with. The fees were reasonable, and the timeline was very smooth.

RealEstateLady 1.

Sandy, OR, Real Estate Broker

Exceptional for Self-Employed

After months of struggling with other lenders, Paul at Truss Financial made it easy to complete a cash-out refinance of a new primary residence. As a small business owner and real estate investor, my income situation is complicated but Paul was able to guide me through the process with relative ease.

Baird K.

New York, NY, Small Business Owner and Real Estate Investor

Innovative Solutions for Self-Employed

Garrett Jimenez was super creative and helpful every step of the way. Being self-employed makes getting a loan difficult. But he found ways to overcome each and every hurdle and really hit a home run for us.

Jason M.

Rancho Cucamonga, CA, Self-Employed Individual