Current conventional guidelines, updated from one source.
Treat these as the program’s fixed points rather than an offer: the minimum down payment for a first-time buyer and for everyone else, the credit floor behind these pages, the leverage at which mortgage insurance begins and the points at which it ends, and the ratio an automated approval allows.
First-time buyer; 5% standard; 97% loan-to-value at the top
3% down is the first-time buyer’s entry point and 5% the standard one, both on a one-unit principal residence; second homes, two- to four-unit homes, and investment properties carry their own leverage limits, listed in the table below.
Priced on the score; no agency minimum with an automated approval
A 620 decision score opens the program on the wholesale side; the agencies set no minimum for an automated approval and 620 to 640 for manual underwriting by loan type. The strongest effect of the score is on cost, through loan-level adjustments and the mortgage insurance premium.
Required above 80% LTV; removed at 80% by request, 78% automatically
Private mortgage insurance applies above 80% loan-to-value, costs within a published range of 0.58%–1.86% a year depending on the score and the leverage, and ends: by request at 80% of the original value, automatically at 78%, and no later than the midpoint of the term.
With an automated approval; 36% to 45% on a manual file
The total ratio runs to 50% with an automated approval, with the finding itself deciding how much of that room a particular file gets; manual files are read at 36%, or 45% with the matrix’s credit and reserve criteria met.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 1, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
This page describes program parameters, not an offer. The down payment minimums, the credit floor, the insurance thresholds, and the ratios are agency guidelines and lender overlays, subject to change without notice and to full underwriting; the appraisal, the credit report, the property, the occupancy, and the conforming limit decide every file. Lendmire is a broker, not a lender. Licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
Every Erie conventional file is read by an automated underwriting system against the agencies’ guides. The system does not change the rules below; it applies them: how much leverage the occupancy allows, how the score is read, when mortgage insurance attaches and ends, and what the ratios and reserves must show.
For the program overview, see Lendmire’s conventional loan program, or the statewide guide at Conventional Loans in Pennsylvania; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
Leverage on an Erie conventional loan is a table rather than a single number: purchase against refinance, principal residence against second home against rental, one unit against several. Each cell has its own maximum, a cash-out refinance sits lowest of all, and the snapshot shows the whole table.
Credit scores and automated underwriting
What the score does on an Erie conventional file is set the cost. A lower score raises the loan-level adjustments and the insurance premium; a higher score lowers both. Manual underwriting, used when the automated system cannot approve the file, carries its own minimum score and tighter ratios.
Mortgage insurance that cancels
The federal cancellation rules are the quiet advantage of a conventional loan. The borrower can ask to drop the insurance when the balance reaches the request threshold, the servicer must drop it at the automatic threshold, and it cannot outlast the midpoint of the term. On an FHA loan at full leverage the premium stays for the life of the loan.
Ratios, reserves, and the DU finding
Three things decide what payment an Erie income carries: the ratio ceiling for the underwriting path, the reserves the finding requires, and the stability of the income over two years. Enter income in the calculator to see the ratio on a local price before asking for a quote.
The calculator runs this on an Erie scenario and adds the piece most calculators skip: the month on the amortization schedule when the balance reaches the request and automatic-termination thresholds, so the payment after the insurance ends is visible beside the payment before.
Where Erie buyers borrow — and how a conforming loan fits.
The leverage limits are percentages; the market turns them into dollars. The Census figures below describe Erie’s ownership, home values, and household income, the backdrop every conforming loan here is sized against.
Market context only. Higher values mean a larger down payment in dollars and a larger insurance premium; lower values mean a payment that leaves more room under the ratio ceiling. The percentages do not move; what they amount to does.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Erie neighborhoods, distinct conventional files.
Where Erie buyers shop, and what the conforming file turns on in each place: the occupancy, the property type the appraiser sees, the project review it needs, and the price the ratio has to carry.
Higher-value homes
A high-value Erie purchase can still be a conforming loan when the loan amount fits under the county limit, and a high-cost county’s higher range extends that reach; above it, the jumbo program takes the file with its own leverage and reserves. About 46% of Erie’s households rent — roughly 18,274 renter households on the latest Census estimate.
Newer infill and recent construction
New rows and recent infill in Erie tend to appraise cleanly, which moves the question to the loan amount: a contract near the conforming limit is confirmed against the county figure before the offer, and a loan above it needs a larger down payment or the jumbo program. Erie counts a population near 94K within the Erie, PA area.
Two-to-four-unit homes
The owner-occupied multi-unit Erie file is a conventional specialty with its own leverage, its own rent-counting rules, and its own reserve requirement. The buyer in one unit qualifies on the combined picture. On a home at Erie’s median value, the first-time buyer’s minimum down payment comes to about $3,500 and the standard minimum to about $5,800 — before closing costs, and before the mortgage insurance that comes with either.
Established close-in neighborhoods
Renovated and unrenovated homes sit side by side in Erie’s established neighborhoods, and the appraisal values each on comparable sales. The leverage, the insurance, and the ratio do not change with the age of the house. Roughly 21,574 Erie households own their homes on the latest Census estimate — 54% of all households, the pool a conventional purchase joins.
Investor and second-home purchases
Erie rentals and pied-à-terre purchases run on conventional loans because FHA and VA finance principal residences only: the investment and second-home leverage in the snapshot, reserves for each financed property, and adjustments for the occupancy. The median owner-occupied home value in Erie runs near $115,200 on the latest Census estimate.
Condominiums and townhomes
Much of Erie’s entry-level stock is attached housing, and a conventional loan finances it whenever the project is warrantable under the agencies’ review. The dues go into the ratio, and the first-time buyer’s minimum applies as it would on a house. Median household income in Erie sits near $46,113 on the latest Census estimate.
Neighborhood sets the price, the property type, and often the occupancy; the agencies set the rest. The leverage table, the insurance thresholds, the ratio ceiling, and the waiting periods apply identically on every Erie file.
Four ways Erie buyers put a conforming loan to work.
Erie borrowers use conforming loans for reasons that repeat: the first purchase at the first-time-buyer minimum, the purchase with twenty percent down and no insurance, the second home or rental no government program will finance, and the refinance or cash-out on a home with equity.
Buy a condominium in a warrantable project
Condominiums are a common first purchase in Erie, and a warrantable project is financed like a house with the dues in the ratio; a project that fails the review is outside the conforming program and goes to a portfolio lender instead.
Buy with twenty percent down and no insurance
The move-up Erie buyer selling one home and bringing twenty percent to the next usually lands here: no mortgage insurance, the strongest cost tier the score earns, and a loan the automated system approves on the equity brought forward.
Buy a second home
A second home in Erie is a conventional file with its own leverage and reserve rules: more down than a principal residence, the payment on the existing home counted in the ratio, and a property the owner occupies part of the year rather than rents full time.
Buy an investment property
Investment property on a conforming loan is a common entry point for Erie landlords: one to four units, a down payment set by the leverage table, rental income counted under the agencies’ rules, and a cap on how many financed properties one borrower may hold.
Estimate the payment on an Erie price before requesting a quote.
This is what an Erie conventional purchase costs each month at the leverage you choose, with the insurance shown as a separate line and then removed: the calculator finds the month on the schedule when the balance reaches the request threshold and the automatic one, and shows the payment on each side. The rate shown is the weekly Freddie Mac average, editable, and not a quote.
Erie conventional payment estimate
Defaults describe Erie, not your purchase: put in the real price, the real down payment, and the real escrows.
Editable benchmark: 7.03% as of September 24, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $150,000 price near Erie’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for Pennsylvania (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
Choosing among conventional, FHA, and VA in Erie is really choosing an insurance structure and a credit standard at the same time. Each is laid out below with the buyer it fits.
Conventional, FHA, or VA.
A low down payment for the first-time buyer, insurance priced on the score and removed once the balance falls below the threshold, no upfront premium, and, of the three programs compared here, the one that finances second homes and investment property. The cost is a credit standard that prices a weak score heavily.
FHA asks for a small minimum investment that a gift can cover, accepts a forgiving decision score, and charges an upfront premium plus an annual premium that lasts for the term at full leverage. For an Erie buyer with a modest score it usually wins; for a strong score the conventional premium is smaller and temporary. See Lendmire’s FHA loan program.
An Erie buyer with VA eligibility and full entitlement rarely needs a conventional loan for a principal residence: nothing down, no insurance, and residual-income underwriting. Conventional is the route for that same veteran’s second home or investment property, which VA does not finance. See Lendmire’s VA loan program.
Where each one fits: conventional for the solid score, the move-up buyer, the second home, and the rental; FHA for the modest score and the small investment; VA for the eligible borrower buying a principal residence. Above the conforming limit, see the jumbo loan program.
What to prepare for an Erie scenario review.
Gather these before an Erie review: the ordinary mortgage documents, plus the pieces that settle the first-time-buyer question and the occupancy.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
What moves an Erie file most often: the insurance and its cancellation, the score and the cost it sets, the appraisal, the condominium review, the conforming limit, the ratio and the reserves, the occupancy rule, and the seasoning after a credit event.
Use these checks to keep the Erie file clean and fundable.
Three things to settle before an Erie review: how the mortgage insurance will be structured and when it ends, where the decision score lands and what it prices, and whether the property has any agency question attached.
- Plan the insurance: twenty percent down carries no insurance at all.
- Confirm the score: a self-pulled score can differ from the decision score.
- Check the limit: conforming limits are set by county and unit count and reset every year.
Mortgage insurance: how much, and until when
Cancellation on request needs a good payment history, no subordinate liens, and no decline in value; automatic termination needs only that the loan be current. An Erie owner whose home has gained value may also ask the servicer to recognize the current value under its own rules, which is a servicer decision rather than a program right.
The score sets the cost
The score does two jobs on an Erie file: it feeds the automated assessment alongside the rest of the credit file, and it sets the cost of the loan and the insurance. A buyer close to a cost tier sometimes gains more from a short wait and a paid-down balance than from any other change.
The conforming limit
Conforming loans are capped by county and by unit count, with higher limits in high-cost areas, and the figures are reset each year by the FHFA. An Erie purchase whose loan would run above the limit either brings a larger down payment to fit under it or moves to the jumbo program; a Lendmire loan officer confirms the current limit for the county.
Waiting periods after a credit event
A documented hardship beyond the borrower’s control, such as a job loss or a medical event, can shorten several of the waiting periods, and the shortened foreclosure period limits the leverage and the occupancy. An Erie file inside a waiting period is written later, not now.
Occupancy and its leverage
Each occupancy has its own leverage limit and its own loan-level adjustments: a principal residence occupied within sixty days of closing reaches the top of the table, a second home sits lower, and an investment property lower still. An Erie buyer who states one occupancy and uses another has misrepresented the loan.
From an Erie pre-approval to keys in hand.
Four steps: the pre-approval, the appraisal, the underwriting, and the closing. The Erie version of each follows.
Pre-approval
Start with the score, the income, the down payment, and the occupancy. A Lendmire loan officer runs the automated system, confirms the leverage and the insurance for the down payment chosen, checks the loan against the conforming limit, compares the structure with FHA and VA on the same numbers, and provides the terms in writing.
Contract and appraisal
With the contract signed, the lender orders the appraisal, or accepts the value the automated system offers where a waiver applies. Seller contributions are checked against the cap for the leverage, and a condominium’s project documents are collected for review before the file moves on.
Underwriting
Underwriting on an Erie conventional file is a verification of the finding: the documents behind the income and assets, the source of the down payment, the project review, and the insurance commitment for the leverage. Conditions are cleared and the approval is issued with its terms.
Closing
At closing the loan is funded at the leverage chosen, the mortgage insurance begins with the first payment where the loan sits above the threshold, and the escrows for taxes and insurance are set up. An Erie buyer signs the note and the security instrument, occupies the home within the occupancy window, and the loan is sold to the agency.
A brokerage that prices the whole market.
Lendmire never lends. It reads an Erie file against conventional, FHA, and VA, matches the program to the profile, and keeps the premium, the cost tier, and the conforming limit in front of the buyer before anything is signed.
Several programs, one set of numbers
Before any recommendation, the Erie file is priced across the wholesale programs Lendmire works with and run against FHA and VA on the same price, score, and down payment. The buyer sees the payment, the insurance line, and the cash to close for each, and the choice follows the figures.
The insurance explained before the offer
The premium and its exit are decided by the leverage and the score, and a buyer should know both before signing a contract. Lendmire states the structure for the Erie purchase, shows the payment before and after cancellation, and explains the request and automatic thresholds.
Licensed, consumer-purpose, in writing
Lendmire carries the license for the state the Erie home is in, delivers the disclosures a consumer mortgage requires, and commits the terms to paper. The program figures on this page are read from one guideline source built on the agencies’ published guides.
Trusted by buyers & families alike.
Erie conventional loan FAQs
What a conventional loan is, how much it takes to buy, what score it needs, how the mortgage insurance works and ends, and how the conforming limit works, answered for Erie buyers.
What is a conventional loan, and who is it for?
A conventional loan is a mortgage written to the rules of Fannie Mae and Freddie Mac so the lender can sell it to them after closing; no government agency insures it, and a private insurer covers the top slice above the leverage threshold. It fits the Erie buyer with a solid score, any down payment from the program minimum up, and any occupancy the agencies allow, including second homes and rentals.
How much do I need to put down on a conventional loan in Erie?
Less than most people expect on a principal residence, and it can be a gift from family. The trade for a small down payment is mortgage insurance, which cancels as the balance falls; the calculator shows the Erie payment with it and without it.
What credit score do I need for a conventional loan?
The floor in the snapshot opens the program; the score above it sets the cost. With more than one borrower the automated system uses the average of the median scores, and an Erie buyer close to a cost tier may gain from a short wait and a paid-down balance.
How does private mortgage insurance work, and when does it end?
Above the threshold the insurance is part of the Erie payment; below it, there is none. Fannie Mae publishes the typical annual range shown in the snapshot, the insurer prices the actual premium, and the federal cancellation rules end it as equity arrives.
What is the conforming loan limit in Erie?
The limit changes every year and differs by county and unit count, so ask a loan officer for the current figure. It caps the loan, not the price: an Erie buyer above it brings a larger down payment or uses a jumbo loan.
How does a conventional refinance work?
A conventional refinance has its own rows in the leverage table, below the purchase rows. The limited cash-out version changes the loan’s terms; the cash-out version borrows against equity and generally needs six months of ownership first.
Can the seller pay my closing costs on a conventional loan?
Up to the share of the price in the snapshot table for the combined loan-to-value. Anything above it reduces the price for sizing the loan, and nothing from the seller may fund the down payment.
Can I buy a second home with a conventional loan?
A second home is inside the program with its own leverage, reserves, and adjustments, and part of the down payment must be the buyer’s own funds above the threshold. An Erie loan officer qualifies the file on both housing payments.
Should I choose a conventional loan or FHA?
Conventional tends to fit the buyer with a strong score, because its insurance cancels and carries no upfront premium; FHA tends to fit the buyer with a modest score, because its ratios stretch further. The answer for an Erie buyer comes from the numbers, not the label.
Can I get a conventional loan after a bankruptcy or foreclosure?
The agencies season credit events rather than barring them, with the periods shown in the snapshot. Gather the discharge, dismissal, or transfer dates before the review, because they decide whether the file can be written now.
The Erie conforming file, priced across the market and explained plainly.
An Erie conventional purchase starts with three questions: the score, the down payment, and the occupancy. Lendmire answers them, prices the programs, and writes up the one that fits.
This guide covers Erie — for the statewide guidelines, markets, and scenarios, see Conventional Loans in Pennsylvania, part of Lendmire’s conventional loan program.
Nearby markets in Pennsylvania: Pittsburgh · Scranton · Allentown · Bethlehem · Philadelphia
Related programs: FHA Loans · Jumbo Loans · Refinance Loans