Conventional Home Loans: Low Rates & Expert Guidance
The bedrock of home financing. Get streamlined access to the most popular, lowest-rate mortgage programs, starting with as little as **3% down**. We ensure your conventional loan is fast, competitive, and perfectly tailored.
**NMLS# 2235897** | Licensed Conventional & Specialty Loan Experts in SC, NC, GA, FL.
The Core Requirements for a Conventional Loan
Conventional loans are standardized by Fannie Mae and Freddie Mac. Here are the minimum requirements you'll need to meet for eligibility:
Minimum FICO Score
620
Recommended 720+ for best rates.
Minimum Down Payment
3%
Available for qualifying first-time buyers.
Debt-to-Income (DTI)
Max 43% - 50%
Varies based on credit score and down payment.
Why Choose MPP for Your Conventional Mortgage?
Our commitment goes beyond competitive rates—we offer **Priority Guidance, Expertise, and Speed** on your journey to homeownership.
1. Accelerated Process
We utilize our proprietary 6-step process to target closing your conventional loan in **21 days**, significantly faster than the industry average.
2. Meticulous Review
If your file has complex income (self-employment, bonus), we leverage our **specialty loan expertise** to pre-underwrite the conventional file, avoiding surprises.
3. Full Solution Provider
If a conventional loan isn't the best fit, we instantly pivot to a **Non-QM solution** (like Bank Statement or DSCR) to ensure you still get funded.
Conventional Loan Frequently Asked Questions
What credit score is needed for a Conventional Loan?
Most conventional loans require a minimum FICO score of **620**. However, to secure the lowest interest rates and best terms, a score of 720 or higher is typically recommended. We analyze your credit profile holistically to determine the best path forward, regardless of your starting score.
What is the minimum down payment for a Conventional Loan?
Conventional loans offer flexible down payments starting as low as **3%** for first-time homebuyers. The standard minimum down payment is 5% for most others. Paying less than 20% requires Private Mortgage Insurance (PMI), which protects the lender.
What is the maximum loan limit (conforming limit)?
The standard maximum loan limit for conventional conforming loans is set annually by the Federal Housing Finance Agency (FHFA). For most of our service area (SC, NC, GA, FL), this limit is currently **$766,550** (2024), though High-Balance areas may allow for higher limits.
What if my credit or DTI is too high for a Conventional Loan?
If you don't meet the strict DTI or credit requirements, don't worry. This is where our expertise shines. We can transition you to a **Non-QM loan** (like a Bank Statement or DSCR loan) where qualification is based on assets or cash flow, not just W-2 income and credit. We find a path for every qualified borrower.
Ready to Secure Your Conventional Rate?
Talk to a licensed expert today and lock in the best terms available in your area.
