Conventional Loans —
the gold standard.
For buyers with solid credit and stable income, conventional financing offers the most competitive rates, no upfront mortgage insurance, and maximum flexibility — whether you're buying a primary residence, second home, or investment property.
- ✓Have a credit score of 680 or higher
- ✓Have stable W-2 employment with 2+ years history
- ✓Can put 5%–20% down for competitive pricing* and no PMI
- ✓Are buying a second home or investment property
- ✓Want PMI that cancels automatically when you hit 20% equity
- ✓Are refinancing to eliminate FHA MIP from a previous loan
- →You are a veteran — VA loans have no PMI ever and potentially lower rates
- →Your credit is below 620 — FHA is more accessible at lower credit tiers
- →You are self-employed with complex income — Non-QM may be a better fit
- →Your loan exceeds conforming limits — Jumbo conventional financing may be required
Everything you need to
know about conventional.
Put down as little as 3% through HomeReady or Home Possible programs. With 20% down, you skip PMI entirely. For borrowers below 20%, PMI is cancelable once you reach 20% equity — unlike FHA MIP.
Conventional financing covers the full spectrum of property types — from starter homes to luxury estates, second homes, and rental investment properties. It's the most versatile loan program available.
- Primary residences, second homes, and investment properties
- Single-family, condos, townhomes, 2–4 unit properties
- No minimum condition requirements beyond safety concerns
- Approved for non-warrantable condos through portfolio options
Choose from a wide variety of term and rate structures. Fixed rates provide payment certainty while adjustable-rate mortgages (ARMs) can offer lower initial payments for buyers with shorter time horizons.
- 15, 20, and 30-year fixed rate options
- 5/1, 7/1, and 10/1 adjustable-rate options
- Interest-only structures available for select profiles
- Rate buy-down options to lower payment in early years
Conventional conforming loans stay within Fannie Mae and Freddie Mac limits, which the FHFA raised again for 2026. Loans above these limits enter Jumbo territory with different qualification criteria.
- 2026 standard limit: $832,750 (most counties)
- High-cost areas (e.g. Monroe County FL, some CO counties): up to $990,150
- Above limit: requires Jumbo conventional financing
- 2–4 unit properties have higher conforming limits
Your conventional loan
with Smart Mortgage.
Submit your application and we run an automated underwriting system (AUS) approval — Fannie Mae Desktop Underwriter or Freddie Mac LP — to give you a fast, credible pre-approval that sellers trust.
With an AUS-approved pre-approval in hand, you can make competitive offers. We provide a pre-approval letter specific to each property so your offer is as strong as possible.
We order the appraisal immediately after contract and begin full underwriting simultaneously. Conventional appraisals are typically faster than government-backed equivalents — helping you close in as little as 14 days.*
Once underwriting clears, we issue the Closing Disclosure and coordinate with title. You sign, the wire hits, and you walk out with keys. Our conventional closings regularly complete in under 2 weeks.
Common conventional
questions answered.
Get a competitive conventional loan.
Pre-approval often issued the same day. Close in as little as 14 days. Competitive pricing for qualified borrowers.*