Buying a home is one of the most exciting—and significant—decisions you’ll ever make. Whether you’re a first-time buyer or looking for your next home, this guide will walk you through the entire process from start to finish. Let’s dive in!
A conventional loan might be the right choice if you have a steady income, a solid credit score, and enough savings for a down payment—typically 3% to 20%. These loans offer flexible terms, competitive interest rates, and fewer restrictions than government-backed loans. They’re ideal for buyers who want long-term affordability, plan to stay in their home for several years, and can meet standard underwriting guidelines. If you’re financially stable and looking for a straightforward mortgage option, a conventional loan could be a smart and cost-effective path forward.
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Down Payment | 3.5% | 3%–20% |
| Credit Score Requirement | 500–580+ | 620+ |
| Mortgage Insurance | Required (upfront & annual) | Required < 20% down payment |
| Flexibility | Stricter standards | More lenient |
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