Conventional
The most common path, and the one most buyers end up on.
Drake explains this one himself
Every program on this site gets a short video from Drake — the same explanation he would give you on a call, so you can hear it before you ever have to make one.
This one has not been recorded yet. Until it is, the writing below covers the same ground.
What it is
A conventional loan is not backed by a government agency. Instead it follows guidelines set by Fannie Mae and Freddie Mac, which is why lenders across the country treat it fairly consistently.
It is the default starting point for most buyers with reasonably steady income and credit. If another program turns out to fit you better, we will find that out by comparing — not by guessing.
Who it may suit
- Buyers with credit in reasonable shape and a steady two-year income picture
- Anyone who wants the option to drop mortgage insurance later rather than carry it for the life of the loan
- Buyers putting down anywhere from a small percentage up to twenty percent or more
Worth knowing
- Private mortgage insurance is generally required when you put down less than twenty percent. Unlike FHA, it can usually be removed once you have built enough equity.
- Credit and debt-to-income guidelines tend to be stricter than FHA.
- Some conventional programs are built specifically for first-time buyers and allow a lower down payment than people expect.
General information only. Program guidelines change, and what you qualify for depends on a full review of your situation. Nothing on this page is a commitment to lend or an offer of credit.
Not sure whether Conventional is the one?
That is the normal position to be in. Six short questions and I will tell you which programs are actually worth comparing for your situation.