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Buying a home

Conventional mortgage

The short answer A conventional mortgage is a home loan that is not insured by FHA or backed by VA or USDA. Conforming versions follow Fannie Mae or Freddie Mac rules, while others follow the lender's own rules. A smaller down payment often means mortgage insurance, so compare the cash you need, the insurance cost and the full monthly payment.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You can document your income and credit history.
  • You want to buy or refinance a primary home, second home or eligible rental.
  • You want to compare a conventional offer side by side with FHA or another route.

Tradeoffs to weigh

  • A smaller down payment usually adds mortgage insurance to the monthly cost.
  • Credit history can affect pricing more than with some government-backed loans.
  • Conventional is not always cheaper than FHA; it depends on the actual offers.

What to have ready

  • Whether the home is (or will be) your primary home, second home or rental.
  • The state where the property is located.
  • Your goal: purchase or refinance.
  • A rough budget and how much cash you have available.
  • How you're paid: salary, hourly, self-employed or other income.

Questions people ask

Do I need 20 percent down?

No. Eligible conventional programs allow less, so compare the cash needed, mortgage insurance and total payment.

Is conventional always cheaper than FHA?

No. Compare actual offers using the same loan amount, how long you expect to keep the loan, and the cash you have available.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

Start my applicationTalk to Marcus

Related topics

Low-down-payment conventional loan (Conventional 97) HomeReady Home Possible FHA mortgage VA mortgage USDA-backed home loan See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
Who you'll work with

You work with me, start to finish.

Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

Check my license on NMLS Consumer Access

I aim to get back to you within a few working hours, often sooner.

Se habla español. Every page and form here works in Spanish.

How it works

  1. 1. Tell me your goalCall, book a time or send a note. No SSN and no credit check to start a conversation.
  2. 2. I compare your optionsI look at your income, property and plans, and explain the costs and tradeoffs of each route in plain language.
  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
Contact

Let's talk about your loan.

Call, book a time, or send a quick note. Whatever's easiest.

(682) 403-3406Tap to call Pick a timeBook a call on my calendar Weekend timeSat–Sun, 11 a.m.–7 p.m. Central. I confirm it personally. marcus@qmortgage.aiEmail me anytime

Hours Weekdays 8 a.m.–8 p.m. Central. Weekends 11 a.m.–7 p.m. Central by appointment.

I aim to get back to you within a few working hours, often sooner.

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