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Buy

The everyday mortgage, with mortgage insurance that goes away.

A conventional loan follows Fannie Mae and Freddie Mac guidelines. Put down 3% as a first-time buyer or 5% otherwise, and the mortgage insurance drops off once you reach 20% equity, which no FHA loan can promise.

Minimum down3% first-time, 5% others
Minimum credit620
Mortgage insuranceCancels at 20% equity
Loan amountUp to the conforming limit
See if I qualifyCall (856) 606-1070
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is the Conventional purchase loan right for you?

  • Buyers with a 620+ score and at least 3% to 5% down
  • Anyone who wants mortgage insurance to end automatically
  • Buyers of second homes and investment properties (higher down payment)
  • Borrowers with strong credit who want the lowest total cost
How it works

Three steps from here to closing.

Pre-approval

Credit, income and assets reviewed; you get a letter the same day in most cases.

Offer and appraisal

Once under contract we order the appraisal and lock your rate.

Underwriting to closing

Conditions cleared, closing disclosure three days before you sign.

What you'll need

Requirements at a glance.

  • Credit score of 620 or higher (best pricing above 740)
  • Down payment of 3% for first-time buyers, 5% for others, 10% to 25% for second homes and investors
  • Debt-to-income ratio generally up to 45%, sometimes 50% with strong compensating factors
  • Two years of employment history
  • Gift funds allowed for the full down payment on a primary residence
Straight talk

The upside, and what to weigh.

Why people choose it

  • Private mortgage insurance ends at 20% equity, or you can skip it with 20% down
  • Pricing improves with credit, so strong borrowers pay less than FHA
  • Works for primary homes, second homes and rentals

Things to consider

  • Below a 680 score, FHA is often cheaper once mortgage insurance is counted
  • Loan amount is capped at the conforming limit for your county
Common questions

Asked on almost every first call.

Is 3% down really enough?

Yes for first-time buyers on a primary residence. Expect private mortgage insurance until you reach 20% equity.

Conventional or FHA?

Above roughly a 680 score with 5% down, conventional usually wins. Below that, FHA's mortgage insurance is often cheaper. We run both.

What counts as first-time?

Not owning a home in the last three years. Divorced homemakers and displaced owners can also qualify.