Conventional Loans
Low‑cost fixed or ARM financing with cancellable PMI and as little as 3% down for qualified borrowers.
3%+ down
Program Details
Minimum Down3%+
Credit ScoreTypically 620+
DTI RatioTypically <= 45% (profile dependent)
PMI/MIPPMI required under 20% down; drops off when equity hits ~20%.
Rate CapsConforming loan limits apply by county.
Loan LimitsAbove conforming limits, consider Jumbo.
Key Benefits
- As little as 3% down
- Cancellable PMI
- 30‑ or 15‑year fixed and ARM options
Program Tags
first-time
Who It's Best For
- First‑time buyers with strong credit
- Move‑up buyers seeking lowest total cost
- Second homes and investment properties
Advantages
- Competitive pricing for qualified borrowers
- MI can be removed when equity builds
- Wide range of terms and structures
Considerations
- •MI applies under 20% down
- •Stricter credit and DTI than FHA for some borrowers
Eligibility Requirements
- Primary, second homes, and investment properties
- Loan amounts up to FHFA county limits
- Cash-out and reduced MI options available
Additional Requirements
- Documented income, assets, employment
- Appraisal typically required
- DTI guidelines vary by profile
Pro Tips
- Compare cancellable PMI to long‑term FHA MIP when putting <20% down
- Ask about 3% down options for qualifying buyers
- Check high‑balance limits in your county
Also Known As
Conforming
A loan within FHFA limits set by county and occupancy.
Yes, when you reach ~20% equity or via reappraisal if market allows.
As low as 3% for qualifying buyers and properties.
Calculate Your Payment
Use our interactive calculators to estimate your monthly payment and see how much you could save.
Payment Example
Loan amount
$475,000
Est. P&I
$3,160/mo
Estimate only. Taxes, insurance, HOA, MI/MIP, and points/credits not included. Not a commitment to lend.
Scenario Snapshot
Down payment
$60,000
Loan amount
$540,000
Typical Documents
- Last 30 days of pay stubs or income docs
- Last 2 years W-2s or 1099s (as applicable)
- Most recent 2 months of bank statements
- Government-issued ID
Exact items vary by program and scenario.
Loan Limits (Estimate)
Use your ZIP to check your state and review baseline limits. County limits may be higher.
Enter a ZIP to detect your state. County-specific limits vary.
Conforming baseline (1‑unit)$766,550
FHA floor (1‑unit)$498,257
FHA ceiling (1‑unit)$1,149,825
Actual county/metro limits vary. See official resources at FHFA and HUD.
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