30-yr fixed6.75%+0.0315-yr fixed6.05%+0.00FHA 30-yr6.55%+0.08VA 30-yr6.38%+0.08Jumbo 30-yr6.82%+0.11Updated September 1, 2026
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Loan type

Buying a home

A conventional purchase loan is the standard mortgage: not backed by a government agency, sold to Fannie Mae or Freddie Mac, and available on 15- to 30-year terms.

Estimate your payment and true cost

Who this is for

  • Credit score of about 620 or higher
  • Down payment from 3% (first-time buyers) to 20% or more
  • Steady, documented income with a debt-to-income ratio usually under 45%

How it works, step by step

  1. Get pre-approved so you know your budget and sellers take your offer seriously.
  2. Shop at least three lenders. The same borrower gets different prices from different lenders on the same day.
  3. Compare Loan Estimates side by side: rate, APR, points and lender fees.
  4. Lock your rate once you are under contract, usually for 30 to 45 days.

Pros

  • Lowest long-run cost for strong credit
  • Private mortgage insurance drops off at 20% equity
  • Fewest property restrictions

Cons

  • Pricing punishes lower credit scores harder than FHA
  • Under 20% down means mortgage insurance until you reach it
  • Stricter documentation than some alternatives