A conventional loan is a mortgage that isn't insured by a government agency. Most follow Fannie Mae or Freddie Mac guidelines.
Good Fit If
- You have steady, documentable income and good credit.
- You can put down 5–20% (some first-time buyer programs allow 3%).
Know This
- With less than 20% down you'll pay private mortgage insurance (PMI), which can be removed once you build enough equity.
- The home generally needs to be in livable condition and accessible year-round.
General information only — not a loan offer or financial advice. Program terms, limits, and rates change; confirm current details with a licensed lender.