Conventional Loan

Conventional Loan
Loan Program

Conventional loans for every kind of buyer.

Backed by Fannie Mae and Freddie Mac. Available for primary residences, second homes, and investment properties — with pricing that rewards strong credit and structure that adapts to your strategy.

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The Fundamentals

A loan that isn’t government-backed.

A conventional loan isn’t insured or guaranteed by a government agency like FHA or VA. Instead, it’s backed by private lenders and follows guidelines set by Fannie Mae or Freddie Mac — the two government-sponsored enterprises that purchase the majority of mortgages in the U.S.

Conventional loans are ideal for borrowers with good credit, consistent income, and manageable debt. Because they aren’t tied to government programs, they offer flexibility in how they’re structured — with options to suit a wide range of financial strategies, from first-time buyers to seasoned investors.

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First-Time Buyer Programs

Pathways built for your first home.

Three conventional programs designed for buyers who qualify for traditional financing — with reduced down payments and flexible income guidelines.

Fannie Mae

HomeReady®

Designed for low-to-moderate-income buyers. Offers flexible income guidelines and allows as little as 3% down for qualified first-time buyers.

Freddie Mac

Home Possible®

3% down program with support for borrowers with low-to-moderate incomes, co-borrowers, and non-occupant co-borrowers in select scenarios.

Conventional

97% LTV Financing

Standard conventional allows up to 95% LTV on primary residences. Eligible first-time buyers can qualify for 97% LTV under specific program criteria.

LTV limits vary by program and lender. Eligibility and documentation requirements apply. Loan approvals are subject to credit, income, and underwriting guidelines — and lender program eligibility.
Program Highlights

What makes conventional work.

Flexible Structure
Fixed or adjustable rate. 10- to 30-year terms. Shape the loan around your strategy, not the other way around.
As Little As 3% Down
For qualified first-time buyers using HomeReady® or Home Possible®. Standard conventional allows up to 95% LTV.
PMI Falls Off Automatically
Mortgage insurance drops at 78% LTV. Or put 20% down and waive it entirely from day one.
Multiple Property Types
Primary residence, second home, investment property. Single-family, condo, townhome. Conventional adapts.
Why Lendmire

The right program, for your profile.

Conventional isn’t just a default. It’s the right choice when your credit, income, and documentation align with the program’s flexibility — and when you want pricing that rewards your profile instead of boxing you into a single structure.

We work with multiple wholesale lenders to match you with the right conventional product. First-time buyers using HomeReady®. Seasoned homeowners refinancing into lower rates. Every path moves through the same clarity — from pre-qualification to closing.

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Also Consider

Programs worth comparing.

Conventional may not be your best fit. These alternatives are built for different borrower profiles — and sometimes deliver better terms.

First-Time Buyers

FHA Loan

3.5% down with flexible credit requirements. The go-to program for first-time buyers or borrowers rebuilding credit.

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Military & Veterans

VA Loan

Zero down, no PMI, and great rates for eligible veterans and active-duty service members. Full VA IRRRL refinance support.

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High-Value Homes

Jumbo Loan

Finance homes above the 2026 conforming limit. Fixed and ARM options with up to 89.99% LTV for primary residences.

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Learning Center

Know before you borrow.

Guides, market insights, and scenario breakdowns from our licensed loan officers.

Take the Next Step

Tools to move from reading to action.

Tool One

Mortgage calculator

Run the numbers on a purchase or refinance — including principal, interest, taxes, and insurance.

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Get pre-approved

Start your pre-approval in under 30 seconds. A Lendmire specialist will follow up to finalize the details.

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Browse programs

See every loan program Lendmire offers — from conventional to DSCR — and find the right fit.

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Available In 16 States

Conventional loans, state by state.

Agency guidelines are national, and the markets are local. Explore the program parameters, the markets, and the scenarios for your state.