Conventional Loan

A conventional loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is the ideal loan for borrowers with excellent credit and funds for a down payment.

Conventional mortgage guidelines allow you to purchase condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can also be used to finance primary residences, second homes and investment properties.

Frequently Asked Questions

What is the minimum credit score required for a conventional loan?
Generally, at least a 620 credit score is required for a conventional loan.

How much money does a conventional loan require for a down payment?
Conventional home mortgage loans typically require the borrower to have at least 5% of the sales price in cash for the down payment. If a buyer can put down at least 20% of the sales price, they will be able to avoid mortgage insurance.

What information is needed from the applicant to start the process for a conventional mortgage loan?

  • Social Security number
  • Residence addresses for the past two years
  • Names and addresses of your employers over past two years
  • Current gross monthly salary
  • Tax returns for the past two years
  • Pay stubs for the last 30 days
  • Names, addresses, account numbers and balances on all checking/savings and other open accounts
  • Addresses and loan information of other real estate owned, if applicable.
  • Estimated value of furniture and personal property
  • W2's for the past two years
  • For self-employed individuals, provide current income statement and balance sheet

Contact Us

For more information about a conventional loan - and other loan options - give us a call at 801-409-5000 or find a loan officer.