Traditional Home Financing with Conventional Loans

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Today’s Conventional Loans Mortgage Rates

Rates as of Mar 21, 2025 See assumptions

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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

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.

Zero conditions on approval

Working with Marshall and Betty was incredibly easy. They prequalified my loan so well that I had zero conditions on my approval, just needed insurance.

Austin H.

Quick preapproval with best options

Very professional and easy to work with. Marshall got me preapproved quickly for my purchase and was helpful in finding the best options and rates.

C. C D.

Completely straightforward process

Marshall was amazing to work with - responsive, on top of all the details and super efficient. He made the whole process completely straightforward.

Nina D.

Easy first-time home purchase

Heather made my first time home purchase an exciting and easy process. I am looking forward to using her in the future and so should you!

Brianna R.

Responsive first-time homebuying

Heather was incredibly responsive, organized, and kind. We were very lucky to have her during our first time experience of buying a home.

Jacqueline R.

Complex process made effortless

Delania, Reza & Betty were incredibly knowledgeable and helpful. They were patient, responsive, and always available to answer questions. Their expertise made a complex process feel effortless.

MILES of ALL, LLC

Exceptional first-time homebuyer experience

Suzie made the potentially daunting process incredibly smooth. Her expertise and compassionate approach were invaluable. We wholeheartedly recommend Truss for anyone hesitant about mortgage brokers.

Robert F.