The Gold Standard.
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Conventional loans offer the lowest rates and best terms for borrowers with strong credit and documented income. Let Rate Hero find you the sharpest rate in the market.
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Low Rates.
No Surprises.
Conventional loans are backed by Fannie Mae and Freddie Mac, offering the most competitive interest rates for qualified borrowers. With as little as 3% down and no upfront mortgage insurance, they're the benchmark for a reason.
- ✓Down payments as low as 3%
- ✓Fixed and adjustable rate options
- ✓No upfront mortgage insurance premium
- ✓PMI removed once you reach 20% equity
- ✓Loan amounts up to $806,500 (conforming)
- ✓Jumbo options above conforming limits
Conventional FAQ
Most conventional loans require a minimum credit score of 620. However, to get the best rates and avoid heavy PMI costs, a score of 740+ is ideal. The higher your score, the better your rate.
As little as 3% for first-time homebuyers. Repeat buyers typically need 5% down. Putting down 20% eliminates PMI, which can save you $100–$300/month on average.
Conventional loans have stricter credit requirements but lower long-term costs — especially if you have 20% down (no PMI). FHA loans are more flexible on credit but require mortgage insurance for the life of the loan in many cases.
Yes. Conventional loans allow gift funds from family members for down payment and closing costs. We'll walk you through the documentation required to properly source and accept gift funds.
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