Oliver WhiteFairway Home Mortgage · NMLS #1254113

🏠 Conventional Loans

The loan most buyers end up loving

Conventional loans are the most common mortgage in America for a reason: they’re flexible, they reward good credit, and — despite the biggest myth in home buying — they do not require 20% down. Qualified first-time buyers can put down as little as 3%.

What would my payment be?Ask Oliver about conventional loans

Is this you?

Conventional Loans tend to be a great fit for…

  • Buyers with solid credit (roughly 620+, with better pricing as scores rise)
  • First-time buyers using 3% down programs like HomeReady or Home Possible
  • Buyers who want mortgage insurance that cancels once they reach 20% equity
  • Second homes and investment properties, which FHA can’t do
Do I really need 20% down for a conventional loan?
Nope — that’s the most expensive myth in real estate. First-time buyers can qualify with 3% down. 20% just means no mortgage insurance. Two different things!

Questions people actually ask

Conventional Loans: straight answers

How much do I need to put down on a conventional loan?

As little as 3% for qualified first-time buyers, and 5% for most other buyers. Putting 20% down eliminates private mortgage insurance (PMI), but it is absolutely not required to buy a home.

What credit score do I need for a conventional loan?

Most conventional programs start around a 620 credit score, with pricing improving as your score rises. If your score is lower, an FHA loan may be a better fit — and Oliver can help you compare both side by side.

Does PMI last forever on a conventional loan?

No. Unlike FHA mortgage insurance, conventional PMI can be removed once you reach 20% equity in your home — and it automatically terminates at 22% equity. That’s one of the biggest long-term advantages of going conventional.

Keep exploring

FHA Loans

The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.

Learn more

VA Loans

For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.

Learn more

USDA Loans

$0 down for homes in eligible smaller communities — many Twin Cities exurbs qualify, and most buyers have no idea.

Learn more

Not sure if conventional loans are right for you?

That’s the conversation Oliver is for. One text, all your options side by side, zero pressure to move forward.

Text Oliver: (952) 412-5428Start an application at Fairway.com