Conventional loans are the most popular mortgage type because they often carry lower interest rates and fewer fees. They're a great option for people with good credit and a larger down payment.
- Up to 95% financing may be available with Private Mortgage Insurance (PMI)
- Usually requires less paperwork than government-backed loans
- Down payment of at least 20% if you want to avoid Private Mortgage Insurance (PMI)
- Some lenders may require a minimum credit score of 620