Conventional Loans: Requirements, Rates & How to Apply
Standard mortgage loans not backed by a government agency. Available with fixed or adjustable rates and various term lengths.
620
Min Credit Score
3%
Min Down Payment
50%
Max DTI
conventional
Category
Key Takeaways
- ✓ Minimum credit score requirement: 620.
- ✓ Minimum down payment: 3% of the purchase price.
- ✓ Maximum debt-to-income (DTI) ratio: 50%.
- ✓ Standard mortgage loans not backed by a government agency. Available with fixed or adjustable rates and various term lengths.
Related Resources
See Conventional Loans Rates by State
Alabama (AL) Alaska (AK) Arizona (AZ) Arkansas (AR) California (CA) Colorado (CO) Connecticut (CT) Delaware (DE) District of Columbia (DC) Florida (FL) Georgia (GA) Hawaii (HI) Idaho (ID) Illinois (IL) Indiana (IN) Iowa (IA) Kansas (KS) Kentucky (KY) Louisiana (LA) Maine (ME) Maryland (MD) Massachusetts (MA) Michigan (MI) Minnesota (MN) Mississippi (MS) Missouri (MO) Montana (MT) Nebraska (NE) Nevada (NV) New Hampshire (NH) New Jersey (NJ) New Mexico (NM) New York (NY) North Carolina (NC) North Dakota (ND) Ohio (OH) Oklahoma (OK) Oregon (OR) Pennsylvania (PA) Rhode Island (RI) South Carolina (SC) South Dakota (SD) Tennessee (TN) Texas (TX) Utah (UT) Vermont (VT) Virginia (VA) Washington (WA) West Virginia (WV) Wisconsin (WI) Wyoming (WY)