All loan programs
Quick answer
- Who it may fit
- Buyers with reasonably established credit and documentable income
- Down payment
- Down payment is flexible rather than fixed: more money down generally lowers the rate and can remove mortgage insurance, less money down raises both.
- Main benefit
- Widely available on primary homes, second homes and investment properties
- Main tradeoff
- Qualifying standards are generally set by the investor rather than an agency, so they can be less flexible than some government options
A conventional loan is not insured by a government agency. Instead it follows the guidelines of the investors who buy it, which is why pricing on the same file can vary meaningfully from lender to lender. That variation is exactly what a broker exists to shop.
- Buyers with reasonably established credit and documentable income
- Homeowners refinancing a primary residence, second home or rental
- Anyone who wants to compare a mainstream option against a government program
- Widely available on primary homes, second homes and investment properties
- Mortgage insurance can typically be removed once enough equity is established, unlike some government programs
- Fixed and adjustable structures, and a broad set of term lengths
- Qualifying standards are generally set by the investor rather than an agency, so they can be less flexible than some government options
- Mortgage insurance usually applies while the loan-to-value is high
- Pricing is sensitive to credit, occupancy, property type and loan-to-value
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Credit history and score, reviewed against current investor guidelines
- Documentable income and employment or self-employment history
- Debt-to-income within program limits
- Funds for down payment, closing costs and any required reserves
- An acceptable property and appraisal
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.