Conventional Loan
The standard loan not backed by a government agency. Put down 20% and you skip mortgage insurance entirely; put down less and it applies until you build equity.
- Down payment
- Commonly 5% to 20% down; 20% avoids mortgage insurance.
- Credit context
- Typically wants a score near 620 or higher, and the best rates go to higher scores. PMI applies under 20% down and cancels at about 20% equity.
- Income rules
- No income limit. Approval rests on credit, down payment, and debt-to-income.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
- Households balancing two credit profiles
These are situations worth exploring, not a qualification decision.
What could rule it out
HomeBase does not yet have enough structured issuing-body rules to screen this loan reliably. Confirm credit, income, occupancy, property, and borrower requirements with the lender.