Conventional Loan Programs

Loan programs not directly backed by the government and have a set of guidelines set by Fannie Mae and Freddie Mac.
Conventional Mortgage Loan Highlights
  • Credit Score Requirement: Conventional loans typically require a higher credit score, usually above 620.
  • Down Payment: The minimum down payment requirement for a conventional loan is usually 5-20% of the purchase price, depending on the loan type and the lender's requirements.
  • Loan Limits: Conventional loans have a maximum loan limit that is set by Fannie Mae and Freddie Mac, based on the location and type of property.
  • Private Mortgage Insurance (PMI): Borrowers with a down payment of less than 20% may be required to pay PMI, which is a type of insurance to protect the lender in case of default.
  • Fixed or Adjustable Rate Options: Conventional loans offer both fixed and adjustable rate options, allowing borrowers to choose the best option for their financial situation and goals.
  • Loan Terms: Conventional loans are typically available with 15- or 30-year terms, although other options may be available.
  • Underwriting Requirements: Conventional loans require a thorough underwriting process, which considers the borrower's credit score, income, assets, and debt.

Use Our Online Mortgage Calculators To Instantly Calculate Your Mortgage Payments and Mortgage Rates on a Variety of mortgage loans and refinance loan scenarios.


There are a few simple steps that are required for all conventional mortgage loans, from first time homebuyers to seasoned real estate investors, the process is equal and regulated for all. Conventional mortgages are typically mortgages that are backed by one of two major government sponsored entities that essentially insure all mortgages for lenders and consumers alike. These entities are Fannie Mae and Freddie Mac, which help facilitate the purchase and guarantee mortgages for millions of Americans. Because these loans are guaranteed by these government backed entities, conventional loans typically offer the best interest rates and loan terms of any loans. The first step in home purchase or refinancing a home is typically as outlined below. Once you begin the process your local Mortgage Loan Officer and Lender will take control and guide you through the process as required by law.

10 Simple Steps to Apply for a Conventional Mortgage Loan
  1. Use Our Online Mortgage Calculators to Calculate Approximate Payments You Can Obtain
  2. Once You Are Ready to Apply for a Mortgage or Refinance Visit our Mortgage Partners
  3. Gather Your Documents and Prepare to Finalize Your Application
  4. Submit Your Loan Application
  5. Upload Documents to Your Mortgage Lender
  6. Sign Your Initial Loan Disclosure Detailing Interest Rates, APR, Monthly Payment and Closing Costs
  7. Work With Your Mortgage Loan Officer by Providing All Necessary Documents in Timely Manner
  8. Receive Conditional Approval From Lender - This Means Your Mortgage Loan is Tentatively Approved Pending Final Conditions
  9. Submit Final Conditions to Mortgage Loan Officer
  10. Receive Your Clear to Close on Your Mortgage Loan!

Conventional Loan Program Terms:

  • Up to 97% LTV For First Time Buyers
  • Up to 95% LTV Refinance
  • 620 Min FICO
  • $75,000 Min Loan Amount
  • Up to $726,200 Loan Amount 1 Unit
  • 1-4 Units, Condos, PUDS & Manufactured Homes Eligible
  • Up to 50% DTI

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About The Mortgage Calculator
The Mortgage Calculator

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 400 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

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