Secure Your Future with a Conventional Mortgage Loan!

Explore the Benefits, Eligibility, and Steps to Homeownership.

Discover the Flexibility of Conventional Mortgage Loans

Welcome to our Conventional Mortgage Loan Program information page! Whether you're a first-time homebuyer or looking to refinance, conventional loans offer flexible options to fit your needs. Let's dive into the details and see how you can benefit from this popular mortgage choice.

What Can You Use a Conventional Loan For?

Explore Your Mortgage Options with a Conventional Loan

Purchasing a primary residence, second home, or investment property

Refinancing an existing mortgage

Renovating or improving your home

What is a Conventional Loan?

Conventional loans are mortgage loans not insured by the federal government. They are typically offered by private lenders and come with various terms and interest rates. Conventional loans are ideal for borrowers with good credit scores and a stable financial history.

Basic Requirements

  • Minimum credit score of 620 (varies by lender)

  • Debt-to-income ratio typically below 43%

  • Proof of stable income and employments

  • Ability to make a down payment (3%-20% depending on the loan type)

Who is Eligible for a Conventional Mortgage Loan?

Borrowers with good to excellent credit scores

Those able to make a down payment -- as low as 3% for some programs.

Homebuyers looking for a loan with flexible terms and fewer restrictions

Steps to Get a Conventional Mortgage Loan

  • Check Your Credit

    Ensure your credit score meets the minimum requirement.

  • Calculate Your Budget
    Determine how much you can afford to borrow.

  • Talk to a Compass Lender

    Speak with a Compass lender for personalized advice on your mortgage needs.

  • Get Pre-Approved

    Understand your budget and strengthen your offer when house hunting.

  • House Hunt

    Find the perfect home within your budget.

  • Close on Your Loan

    Complete the process and move into your new home!

Ready to Get Started?

Start your journey to homeownership with a conventional mortgage loan today. Contact our mortgage specialists to see how we can help you achieve your homeownership goals.

Frequently Asked Questions

What is Private Mortgage Insurance (PMI)?

PMI is required for conventional loans when the down payment is less than 20%. It protects the lender in case the borrower defaults on the loan.

Can I get a conventional loan with a low-down payment?

Yes, some conventional loan programs allow for as little as 3% down, but you may need to pay PMI.

What are the differences between fixed-rate and adjustable-rate mortgages?

Fixed-rate mortgages have a consistent interest rate for the life of the loan, while adjustable-rate mortgages (ARMs) have an interest rate that can change periodically.

Get In Touch

Charlie Compass

NMLS# 2067336

12313

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compli©2026 Home Possible Brokers Inc. - Corporate NMLSID # located at . All rights reserved. DBA: . Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Compass Mortgage Team strives for compliance with all applicable state laws and federal regulations pertaining to mortgage lending, advertising, and marketing laws. THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT. All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms and interest rates are subject to change and/or discontinuance without advance notice. Equal Housing Opportunity. ©2026ance

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