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Loan programs

Conventional loan

Also known as: conventional mortgage

A mortgage not insured by FHA, VA, or USDA; may require PMI with a small down payment.

A conventional loan is a standard mortgage that is not backed by a government program like FHA, VA, or USDA. It often allows flexible terms and, with less than about 20% down, typically requires PMI. Credit, debt-to-income, and other underwriting rules still apply and vary by lender.

See also

PMI (private mortgage insurance)Loan-to-value (LTV)FHA loanVA loanUSDA loan
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Definitions are for general education. Loan products, insurance, and taxes vary by lender, location, and your situation. FinanceFlow calculators produce estimates only and are not a lender quote or professional advice.