The most widely used home loan in the country
Conventional loans follow the guidelines of Fannie Mae and Freddie Mac. They are not insured by a government agency, and they are the most common way Americans buy and refinance homes — for primary residences, second homes and investment properties.
Mortgage insurance that goes away
With a smaller down payment, a conventional loan carries private mortgage insurance. Unlike FHA mortgage insurance, it can be removed once you build enough equity — which is one reason a conventional loan can cost less over time than it first appears.
What you can do with it
- Purchase a primary residence, second home or investment property
- Refinance to a lower rate or a different term
- Take cash out of your equity
- Choose a fixed or adjustable rate
How you qualify
Conventional underwriting looks at credit, documented income, debt-to-income and assets. W-2 borrowers document income with pay stubs and W-2s; self-employed borrowers typically with tax returns. If your tax returns understate your income, a bank statement or P&L loan may serve you better.
Same guidelines, different pricing
Every lender follows the same Fannie Mae and Freddie Mac guidelines, but not every lender prices the same loan the same way. We compare your loan across lenders so the same approval comes with the best terms available to you.
Every file is different. Guidelines, pricing and eligibility vary by lender and are subject to credit approval and property eligibility — we’ll walk you through exactly what applies to yours.