Buy a home with flexible financing designed for qualified borrowers. Conventional purchase loans can offer competitive rates, term options, and low down payment programs — including as little as 3% down for qualified first-time buyers. If you put less than 20% down, PMI may apply, and it can often be removed once you reach 80% LTV.
Answer a few quick questions so we can estimate payments and options.
A conventional purchase loan is a mortgage that is not insured or guaranteed by a government agency. These loans typically follow guidelines established by Fannie Mae and Freddie Mac. If you have documented income and a strong credit profile, a conventional loan can unlock more flexibility around loan terms, monthly payments, and mortgage insurance options.
Buying a home moves fast. WeLoan helps you compare loan terms, understand your payment options, and keep your purchase on track with clear steps and fast communication.
If you’re not sure how much home you can afford or whether conventional is the right program, we’ll walk through scenarios side-by-side.
Start by requesting a quote or beginning an application. We’ll review your finances and your goals, then walk through loan terms and payment scenarios. When you’re under contract, we coordinate appraisal and documentation, guide you through underwriting, and help you close with clarity and confidence.
Conventional and FHA loans both help buyers purchase a home, but they’re built for different scenarios. Conventional loans can offer more flexibility and may be more cost-effective for borrowers with stronger credit. FHA loans can be a fit for buyers with lower credit scores, but mortgage insurance rules often differ. If you’re not sure, we can compare both options side-by-side for your specific purchase.
In addition to your down payment, homebuyers should plan for closing costs like appraisal, title/escrow, and lender fees. Costs vary by location and loan scenario, but a common range is roughly 2–4% of the loan amount. If your down payment is under 20%, PMI is typically required. The advantage of conventional financing is that PMI is commonly removable once you reach 80% loan-to-value.
Both conventional and FHA loans offer flexible financing options. Conventional loans often have stricter qualification requirements, but can offer better options for mortgage insurance, term lengths, and closing costs, and may come with a lower interest rate if you qualify. FHA loans are insured by the government, can be easier to qualify for with lower credit scores, and offer low down payment options, but may provide fewer term/insurance options.
Typical required down payment amounts for conventional loans range from 3% for first-time homebuyers up to 20% to eliminate PMI. Your minimum down payment depends on your finances, the home price, and your scenario (first-time, second home, income factors, etc.).
PMI is an insurance premium that protects the lender when your down payment is under 20%. With a conventional loan, PMI is no longer required once you reach 20% equity (80% LTV).
Conventional loan limits follow standards set by Fannie Mae and Freddie Mac and can vary by location, including high-cost areas. If your home price exceeds the limit, you may need a jumbo loan instead.
In addition to your down payment, you’ll pay closing costs (loan origination fees, appraisal, title insurance, etc.). These typically range from about 2–4% of the loan amount and will be outlined before you close.
Understand your options, estimate your payments, and move forward with confidence. We’ll help you structure the right loan for your purchase.
