Purchase
Conventional Loan
The flexible standard for strong-credit buyers.
Min. down payment
3%–5%
Min. credit score
620
Mortgage insurance
Cancellable at 20% equity
Terms
10–30 year fixed & ARM
Overview
Conventional loans aren't backed by a government agency, which means fewer overlays and more flexibility when your credit and income are solid. They're often the lowest total cost of ownership for buyers who can put down 5% or more.
Best for
- Buyers with credit scores of 680+
- Those who can put down 5%–20%
- Anyone wanting to avoid mortgage insurance with 20% down
- Second homes and certain investment properties
When it's not the fit
- Your credit is below 620
- You need the most lenient debt-to-income flexibility (FHA may fit better)
- You have very little saved for a down payment and no gift funds
How it works with BISU
- 1
We review your credit, income, and goals to confirm conventional is the strongest fit.
- 2
You get a clear breakdown of rate, payment, and PMI scenarios at different down payments.
- 3
We shop our wholesale lender network for the best pricing on your profile.
- 4
You lock, we close, and PMI drops off automatically as you build equity.
Frequently asked
How much do I really need to put down?
As little as 3% for many first-time buyers, though 5%–20% opens better pricing and removes PMI sooner. We'll model each scenario for you.
When does mortgage insurance go away?
Conventional PMI is cancellable once you reach 20% equity — unlike most FHA loans where it can last the life of the loan.
Compare with other programs
View all loan programs →