Most common
Conventional Loans
Competitive rates, flexible terms and low monthly payments for buyers with good credit and steady income.
How Conventional loans work
A conventional loan is the default path for most buyers, and for good reason, when you qualify comfortably, it is usually the cheapest way to borrow over the life of the loan. It is not government-insured, which means the lender is taking the risk directly and pricing accordingly based on your credit, your down payment and your debt load.
The common misconception is that conventional financing requires twenty percent down. It does not. Qualified buyers, including first-time buyers, can put down as little as three percent. What twenty percent buys you is the elimination of private mortgage insurance, and even then, PMI comes off once you reach sufficient equity, unlike FHA mortgage insurance which often stays for the life of the loan.
That distinction matters. A buyer choosing between FHA and conventional financing is not just comparing rates; they are comparing what the loan costs across the years they actually intend to keep it. We run that comparison before you commit to either.
Common around ConcordKannapolisHarrisburgCharlotteRock HillFort Mill
FAQ
Conventional questions
How much do I need to put down on a conventional loan?
As little as three percent for qualified first-time buyers, and five percent is common for repeat buyers. Twenty percent removes private mortgage insurance, but it is not a requirement to get approved.
When does private mortgage insurance come off?
PMI can typically be removed once you reach twenty percent equity, either through payments or appreciation. This is a meaningful advantage over FHA financing, where mortgage insurance often stays for the life of the loan.
What credit score do I need?
Conventional financing generally rewards stronger credit, and the pricing improves as your score rises. If your credit is on the edge, it is worth comparing against FHA, sometimes the government-backed option costs less, and sometimes it does not.
Other programs worth a look
- FHA Loans Government-backed financing built for buyers with limited savings or a shorter credit history.
- VA Loans Financing for veterans, active-duty service members and eligible surviving spouses.
- USDA Loans Zero-down financing for eligible homes in rural and many suburban areas across the Carolinas.
- Jumbo Loans Financing for homes priced above conforming loan limits, with underwriting handled personally.
- DSCR Loans Investment property financing that qualifies on the rental income the property produces, not on your personal tax returns.
- First-Time Buyer Programs Low down payment loans, grants and flexible approval paths for buyers purchasing their first home.
Let's find out what you qualify for.
Start with a conversation. If it makes sense to go further, we will, and if it does not, you will know that too.