Conventional Loans
What Is A Conventional Loan?
A conventional loan is a home loan not backed by the government.
It’s offered by private lenders and is one of the most common ways people buy or refinance a home.
Most buyers choose conventional loans because they’re flexible, widely available, and often cost less over time.
Conventional Highlights
As little as 3% down
Competitive interest rate
flexible loan terms
Higher loan limits
Mortgage ins. cut off
Conventional Mortgage
A conventional mortgage typically requires documentation of income, assets and credit history. Lenders request pay stubs, bank statements, tax returns for self-employed applicants and proof of down payment. Minimum credit score requirements vary by program and lender; a score of 620 is common for baseline eligibility while higher score yield better rates. Private Mortgage Insurance (PMI) is required if down payment <20%; PMI can be removed once 20% equity is reached.
What Are the Types of Conventional Loans?
There are a few common types, depending on your situation:
-Fixed-Rate Conventional Loan
Your interest rate and monthly payment stay the same for the life of the loan.
-Adjustable-Rate Mortgage (ARM)
Starts with a lower rate, then adjusts after a set period of time.
-Low Down Payment Options
Some conventional loans allow as little as 3% down for qualified buyers.
-First-Time Buyer Programs
Special conventional options designed to make buying more affordable.
Do Conventional Mortgages Have Good Rates?
They can. If your credit and finances are in good shape, conventional loans are known for strong rates and lower long-term costs. It is important to understand that there are many factors that go into the interest rate. Your rate will be decided by your specific situation.
Is A Conventional Loan A Better Option Than Other Loans?
It depends on your situation
A conventional loan can be a great option if you:
- Have good credit
- Want lower monthly costs over time
- Plan to stay in the home for a while
- Want to avoid long-term mortgage insurance
Other loan types (like FHA or VA) can be better in certain cases — which is why choosing the right loan matters.
MEET THe loan officer | NMLS#2695095
Hey, I'm Adam!
I started as a loan officer with My Style Mortgage in 2025 and have a growing passion for learning and helping educate people about buying a home!
I was born and raised in South East Idaho
I enjoy talking and meeting new people
I am confident that we can help turn your dreams into a reality
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© 2023 My Style Mortgage Inc. - | www.mystylemortgage.com | Company NMLS# 2622728 | Equal Opportunity Lender
My Style Mortgage Inc. is Licensed in Idaho, Texas and Utah. For additional information please visit https://www.mystylemortgage.com/privacy-policy. Lending services provided by My Style Mortgage Inc. 115 N. Clark St. Rigby, ID 83442. (208) 715-5975
This page is for educational purposes only and is not a commitment to lend or a loan approval. Information on this page may not be current and is subject to change without notice. Loan programs, rates, terms, and eligibility requirements may vary based on individual qualifications and property details.
