Conventional Loans

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Buy a Home

All homebuyers are eligible
Competitive interest rates with good credit and finances
Down payments as low as 5%
No mortgage insurance with a 20% down payment

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Lower Your Payment

All homeowners are eligible
Lower your rate and payment
Competitive rates with good credit and finances
No mortgage insurance with 20% home equity

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Get Cash from Equity

All homeowners are eligible
Get cash from your home’s value
Pay for major expenses and debt consolidation
No mortgage insurance with 20% home equity

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Down Payments as Low as 5% for Homebuyers

You aren’t required to make a 20% down payment to buy a home with a Conventional loan. You may be able to make a down payment as low as 5%. However, a 20% down payment can help you avoid paying for Private Mortgage Insurance (PMI). Begin your homebuying journey today!

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How Much Home Can You Afford?

When you’re thinking about buying a home, figuring out how much you can afford is a great first step. Use our home affordability calculator to get an estimate!

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Calculator assumes an average cost for homeowner association dues and is based on a set housing and debt ratio. This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

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Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By clicking "Get Your Results," you consent to be contacted, including via automated technology or artificial/prerecorded voice, by Freedom Mortgage and any of its current or future affiliated companies (collectively "Freedom Mortgage") at the phone number(s) and email address(es) provided for marketing purposes about loans, even if your number is listed on a federal, state or internal do not call list . You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage.

Based on the values you provided, you may be able to afford a home worth up to

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Frequently Asked Questions About Conventional Loans

To get approved for a Conventional loan, you’ll need to fill out an application, submit documents, and meet our minimum credit score, income, and financial standards to qualify. You’ll need to meet our minimum down payment requirements and pay closing costs too.

You typically have to pay for private mortgage insurance (PMI) if you make a down payment of less than 20% when you buy a home with a Conventional loan. You also generally need to pay PMI when you refinance and the value of your home’s equity is less than 20%.
Conventional loans typically have higher minimum credit score and down payment requirements compared to FHA loans but can have lower mortgage insurance costs over the life of the loan.

With a Conventional loan, you can avoid paying for private mortgage insurance (PMI) if you make a down payment of 20% or more when you buy a home or if your home equity’s value is at least 20% when you refinance. You can often stop paying for PMI once the value of your equity reaches 20% too.

With an FHA loan, you’ll pay for mortgage insurance regardless of the amount of your down payment or how much home equity you have. There’s an upfront mortgage insurance payment you need to make with an FHA loan. Conventional loans do not have any upfront mortgage insurance payments.

You often pay for FHA mortgage insurance longer than you might pay for PMI. Many FHA loan homeowners need to make mortgage insurance payments for at least 11 years. Other FHA loan homeowners need to make mortgage insurance payments for the life of the loan.

An advantage of FHA loans is that they generally have lower minimum credit score and minimum down payment requirements compared to Conventional loans. This can make it easier to buy or refinance a home with an FHA loan.
You’ll need to meet our credit, income, and financial requirements to qualify for a Conventional loan with Freedom Mortgage. These requirements include having a credit score of 620 or more and meeting our debt-to-income ratio (DTI) and loan-to-value ratio (LTV) standards. In most cases, you’ll need to pay closing costs when you buy or refinance a home with a Conventional loan, too.
To apply for a Conventional loan with Freedom Mortgage, call 877-220-5533 and speak with an experienced Loan Advisor. You’ll work with a dedicated team that makes every step of the way simpler. You can also get started online by filling out our web form.

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Compare Different Types of Home Loans

Loan	Eligibility	Minimum Credit Score	Minimum Down Payment	Upfront Fees/ Insurance	Monthly Fees/ Insurance	Streamline Refinancing
Conventional	All homebuyers and owners	Often 620	Often 5%	No	No with at least 20% equity	No
FHA	All homebuyers and owners	Often 550	As low as 3.5%	Yes	Yes	Yes
VA	Veterans, military personnel, surviving spouses only	Often 550	Often 0%	Yes	No	Yes
USDA	Rural and some suburban homebuyers and owners only	Often 620	Often 0%	Yes	Yes	Yes