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Loan guide

Conventional loan

The most common mortgage, often the lowest overall cost with good credit. Best for: Buyers with fair-to-good credit and at least 3% to 5% down, and anyone buying a second home or investment property.

Key facts

  • Down payment from 3% for some first-time buyers; 5% or more otherwise.
  • Most lenders look for a credit score of about 620 or higher; better scores get better pricing.
  • Private mortgage insurance (PMI) with under 20% down. You can ask to remove it at 20% equity, and it ends automatically at 22%.
  • 2026 loan limit: $832,750 for a one-unit home in most areas, up to $1,249,125 in high-cost areas.
  • Can be used for main homes, second homes and investment properties.

Pros

  • Mortgage insurance can be removed, unlike most FHA loans
  • Competitive rates with good credit
  • Flexible terms: 15, 20 or 30 years, fixed or adjustable
  • Works for second homes and rentals

Cons

  • Stricter credit and debt-to-income rules than FHA
  • PMI costs more with lower credit scores
  • Loans above the limit need a jumbo loan
Check if I qualify Compare with other loans Mortgage paymentHow much can I afford?

More detail: LoansAndHouses.com loan programs

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Common questions

Who is a Conventional loan best for?

Buyers with fair-to-good credit and at least 3% to 5% down, and anyone buying a second home or investment property.

What are the main pros and cons of a Conventional loan?

Pros: Mortgage insurance can be removed, unlike most FHA loans; Competitive rates with good credit; Flexible terms: 15, 20 or 30 years, fixed or adjustable; Works for second homes and rentals. Cons: Stricter credit and debt-to-income rules than FHA; PMI costs more with lower credit scores; Loans above the limit need a jumbo loan.

Figures checked October 2026 and subject to change. Loan limits are updated each January. Program rules, eligibility and pricing vary by lender and borrower. Not a commitment to lend. Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use

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