Conventional
- Home
- Loan Options
- Conventional
Conventional mortgages
Conventional loans are the most common mortgage type in the country, making up the majority of originations. They feature fixed and variable rates and offer durations from 10 to 30 years.
Reasons to choose a conventional mortgage
Conventional mortgages offer some of the strongest advantages for borrowers with a credit score of 700 or higher, as this “good” to “very good” range typically unlocks the most competitive interest rates, lower private mortgage insurance (PMI) costs (if applicable), and more favorable overall terms compared to lower-score borrowers or certain government-backed alternatives.
30-year conventional mortgage guidelines
To qualify for a 30-year conventional mortgage, you will need:
Purchase price limits are $832,750 for single-family homes in most of the country, but are up to $1,249,125 in high cost areas (ex. NYC, Long Island, DC, Alaska & Hawaii)
Overview of Conventional Mortgage Programs
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What are the current 30-year conventional mortgage rates?
Rates for a 30-year mortgage can vary depending on factors like your financial profile, the economy and local housing market trends, so stay informed as you plan your home purchase.Use the button to see current rates for a 30-year conventional mortgage. See mortgage rate disclaimers for assumptions and details.
Data source: OBMMI
Apply for a conventional mortgage
You can use a conventional loan to purchase a single-family home, town home, condo, multi-family (2 to 4 units), second home and investment property
DTI is capped at 50% and this includes your mortgage payment and the recurring debts from your credit report
MIP is offered by a variety of companies and the premium is based on credit. We regularly shop for the lowest premium for our clients. MIP is required if you put down less than 20% of purchase price
You can purchase up to 10 properties with conventional mortgages. If you are a professional investor and are looking to acquire your 11th financed property check out our non-QM mortgages (DSCR, Bank statement and profit and loss loans)
