Conventional
A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower.
Minimum credit score: 620
Minimum down payment required:
3% (for 1st time homeowner)
5% if you’ve owned a home in the last 3 years
Conforming Conventional Loans
Conforming conventional loans are loans that adhere to the standards set by Fannie Mae and Freddie Mac, including maximum loan amounts.
As of 2025, the standard limit for a conforming conventional mortgage is:
1 Unit – $806,500
2 Unit – $1,032,650
3 Unit – $1,248,150
4 Unit – $1,551,250
Any loan limit over the conforming loan limit is considered a JUMBO loan. Jumbo loans typically require higher credit scores than conforming loans 700 or higher), and you may also need to have a lower debt-to-income ratio (DTI) and may require you to put a larger down payment.
JUMBO loans typically have a higher interest rate than a conforming loan because the larger loan amount presents a bigger risk to the lender.