If you have good credit and stable income, a conventional loan might be the right option for you, since conventional loan programs traditionally offer:

- Lower interest rates for borrowers with good or great credit
- Flexible mortgage insurance options, if applicable (mortgage insurance not always necessary)
- Fewer penalties and fees
- Flexible loan terms
- Down payments range from 3% - 20%

Conventional Loan FAQs

Can I get a conventional mortgage loan with 5% down?

There are conventional loan programs that allow for a down payment as little as 3%, so if you qualify for these programs, then yes! In fact, one of the biggest home-buying myths out there is that you need a 20% down payment to buy a home