Conventional loans are a great fit for customers with good credit, and financial stability, and those that can afford a sizable down payment. A conventional loan is a mortgage that is insured by a private lender like HomeXpress Mortgage. Loan terms can be more flexible than government-insured FHA or VA loans. Conventional loans are more suited for “in the box” scenarios where borrowers can qualify using their tax returns, W-2’s and paystubs.

Criteria for a Conventional Loan

Credit Score

Lenders require a credit score of 620+ to qualify for a conventional loan. Credit risk and the amount you may be approved for would be based on overall risk.


Your debt-to-income ratio or DTI is calculated by dividing your monthly debt payments by your gross monthly income. Lenders use this ratio to predict your ability to manage your new monthly mortgage payment. Depending on the overall application total debt for a conventional loan should not exceed 45% of your income.

Down Payment

Conventional loans offer low down payment options at 3.00% of the purchase price.

Mortgage Insurance

A mortgage insurance policy protects a mortgage lender or titleholder in the event the borrower defaults on their payments, dies, or is unable to meet the contractual obligations of the mortgage.

Loan Limits

Maximum loan limits are determined by Fannie Mae and Freddie Mac. Every county in the United States has a maximum loan limit for both conventional and FHA mortgages. These loan limits are reviewed annually. The 2024 national loan limit for a one-unit property is $766,500 in Low-Cost Areas. There is also a conventional jumbo classification. This is when the loan amount is over the national conventional loan limit and under the county limit. The 2024 loan limit for a conventional jumbo loan, based on county, is currently at $1,474,400 for a single-family dwelling. Loan limits differ based on the property type. Your Loan Officer will work with you to determine your individual financing needs.

Apply for a Conventional Loan

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