What is a conventional loan and who is it for?
A conventional loan is a mortgage offered by private lenders without government insurance. It is the right fit for buyers with steady documented income, fair-to-good credit, and a down payment they can verify. Mortgage Go originates conventional loans for primary homes, second homes, and investment properties through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Buyers with a credit score in the mid-600s or higher, a down payment they can document, and standard W-2 or self-employed income.
Who it's not for
Buyers who need a lower down-payment minimum than this program supports, or who would benefit from a government-backed program (FHA, VA, USDA).
Benefits
- Flexible terms (10, 15, 20, or 30 years).
- No mortgage insurance once you reach 20% equity.
- Wide lender availability — competitive rates.
- Works for primary homes, second homes, and investment properties.
Key facts
- Minimum down payment
- Placeholder — pending compliance
- Minimum credit score
- Placeholder — pending compliance
- Loan term
- 10 / 15 / 20 / 30 years
- Property eligibility
- Primary, second home, investment
Calculator
Conventional Loan calculator embeds here in Phase 2.
Frequently asked questions
What is a conventional loan?+
A conventional loan is a mortgage that isn't insured by a government program like FHA, VA, or USDA. It's the most common type of mortgage in the United States and is offered by banks, credit unions, and mortgage lenders.
Is a conventional loan better than FHA?+
Neither is universally better. A conventional loan typically costs less over time if you have a higher credit score and a larger down payment. FHA is usually better if your credit is lower or your down payment is smaller.
How much do I need to put down?+
The minimum down payment for a conventional loan depends on the lender and the property type. Specific minimums for Mortgage Go are pending compliance sign-off.