🏠 CONVENTIONAL LOANS
Traditional Financing. Trusted Results.
Conventional loans are the most common mortgage type. Competitive rates, flexible terms, low down payment options. Ideal for W-2 buyers with good credit.
Top 50 brokerage • 10,000+ families • Since 2005
Last reviewed: January 2026Reviewed by CMS Mortgage Editorial Team
Low Down Payment Options
PMI Drops at 20%
15-40 Year Terms
Loans to $3M+
7 Loan Options
Find Your Perfect Conventional Loan
Compare products and find the perfect fit for your needs
Understanding PMI
If you put down less than 20%, you'll pay Private Mortgage Insurance (PMI). Good news: it automatically cancels once you reach 20% equity. Or use our Piggyback loan to avoid PMI entirely with just 10% down.
- PMI typically costs 0.5-1% of the loan amount annually
- Request PMI removal once you hit 20% equity
- Piggyback loans can eliminate PMI without a 20% down payment
- Making extra payments helps you reach 20% faster
Quick Comparison
Compare at a Glance
| Product | Down | PMI? | Best For |
|---|---|---|---|
30-Yr Fixed | 3-20% | If <20% | Long-term stability |
15-Yr Fixed | 3-20% | If <20% | Fast payoff |
ARM | 3-20% | If <20% | Short-term owners |
Piggyback | 10% | None | Avoid PMI |
Jumbo | 10-20% | Varies | Above $766K |
Doctor's Loan | 0-10% | None | Medical professionals |
30-Yr Fixed
- Down
- 3-20%
- PMI?
- If <20%
- Best For
- Long-term stability
15-Yr Fixed
- Down
- 3-20%
- PMI?
- If <20%
- Best For
- Fast payoff
ARM
- Down
- 3-20%
- PMI?
- If <20%
- Best For
- Short-term owners
Piggyback
- Down
- 10%
- PMI?
- None
- Best For
- Avoid PMI
Jumbo
- Down
- 10-20%
- PMI?
- Varies
- Best For
- Above $766K
Doctor's Loan
- Down
- 0-10%
- PMI?
- None
- Best For
- Medical professionals
FAQ
Frequently Asked Questions
Also Considering a VA Loan?
If you have VA eligibility, compare both paths before deciding which loan structure fits your situation.
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