A conventional loan isn't backed by a government agency like the VA or FHA. It's the most common type of mortgage, and for buyers with solid credit and a reasonable down payment, it's usually the lowest-cost option overall.
Down payments can be as low as 3% for some conventional programs, though putting down 20% or more lets you avoid private mortgage insurance (PMI) entirely. Below 20% down, PMI applies, but unlike FHA's mortgage insurance, it typically cancels automatically once you've built enough equity.
Conventional loans come in fixed-rate and adjustable-rate versions, and in different terms (15-year, 30-year, and others). Because there's no single government agency setting the rules, lenders have more flexibility, which is exactly the kind of flexibility we use when shopping your file across our network.
Get StartedCommon Questions
Do I need 20% down for a conventional loan?
No, that's a common myth. Some conventional programs go as low as 3% down, you'll just carry mortgage insurance until you build enough equity.
Fixed or adjustable rate, which is better?
It depends on how long you plan to stay in the home and your comfort with rate changes. We'll walk through both with your real numbers.
Other Loan Programs
No Down Payment for Military Families
FHA LoanEasier to Qualify For
USDA LoanNo Down Payment Outside the City
Jumbo LoanFor Higher-Priced Homes
RefinancingTrade In Your Current Loan
Commercial LoanFinancing for Buildings That Make Money
Construction LoanFinancing to Build, Not Just Buy
Land LoanFinancing for Land, Not Just Homes
Doctor LoanBuilt for Big Student Debt and Bigger Potential
Renovation LoanBuy the Fixer-Upper and Fund the Fix
DSCR LoanQualify on the Property, Not Your Paycheck
Asset Depletion LoanLet Your Savings Do the Talking
Fix & Flip LoanMove Fast on the Next Flip
HELOCA Credit Line Backed by Your Home
Manufactured Home LoanFinancing Built for Manufactured Housing
Second Home LoanFinancing for the Place You Escape To
Multi-Family LoanLive in One Unit, Rent Out the Rest
Non-Warrantable Condo LoanWhen the Condo Doesn't Fit the Standard Box
Reverse MortgageTurn Home Equity Into Income, Without a Monthly Payment
Foreign National LoanFinancing for Buyers Without U.S. Credit History
ITIN LoanHomeownership Without a Social Security Number
Bank Statement LoanWhen Your Tax Return Doesn't Show Your Real Income
This is general information, not a commitment to lend. Rates, terms, and eligibility vary by lender and are subject to underwriting guidelines. East Coast Mortgage is an Equal Housing Lender, NMLS #2354674.