Conventional loans are the most common type of mortgage, offering competitive interest rates and a wide variety of term lengths. They’re ideal for borrowers with solid credit and steady income. Unlike government-backed programs, conventional loans can be more flexible in property types and don’t require upfront mortgage insurance if you have at least 20% down. Whether you’re buying your first home or upgrading to your forever home, conventional loans are a popular, straightforward choice.
Scenario
Jessica and Daniel have been renting for years and finally saved up 20% for a down payment. With strong credit and steady jobs, they were able to secure a conventional loan with no mortgage insurance — saving them hundreds each month. They loved the flexibility of choosing a 15-year term to pay off their home faster.
Borrower Checklist:
Stable income & employment history
Good credit score (620+ typical)
At least 3% down (20% to avoid PMI)
Documentation Checklist:
Pay stubs (last 30 days)
W-2s (last 2 years)
Tax returns (if self-employed)
Bank statements (last 2 months)
Valid photo ID
34125 US Highway 19
Suites 110 and 200, Office 291
Palm Harbor, FL 34684
1.813466.4319
NMLS: 1693869 | 130562

Licensed by the Department of Financial Protection and Innovation (DFPI)