In short
A conventional loan is a mortgage that isn't insured or guaranteed by a government agency. With the lenders I use, eligible buyers may qualify with a 620 or better credit score and as little as 3% down. It can be used for a primary home, and if eligible, a second home or investment property. Mortgage insurance usually applies with a smaller down payment and can often be removed later.
Reviewed by Ron Pippin, NMLS #218333 · Last updated October 21, 2026
How much do I need down for a conventional loan?
If you qualify, you may be able to put as little as 3% down on a conventional loan. The lenders I work with look for a 620 or better credit score. A smaller down payment usually means mortgage insurance, which can often be removed later once you meet the requirements. I'll show you how different down payment amounts change your cash to close, your mortgage insurance and your full monthly payment, then help you choose the amount that fits your plans.
Key takeaways
Conventional loans aren't just for buyers with big down payments. With the lenders I work with, you may qualify with a 620 or better credit score and as little as 3% down. I'm Ron Pippin with Strategic Mortgage. As an independent broker, I compare conventional options across multiple lenders, explain the mortgage insurance and closing costs in plain English and show you the full payment before you commit.
Conventional Loans in Ogden, UT: More Flexibility Than You Might Think
A lot of buyers assume conventional loans are only for people with big down payments and perfect credit. That isn't the case. With the lenders I work with, conventional financing starts at a 620 credit score and can go as low as 3% down for eligible buyers.
I'm Ron Pippin with Strategic Mortgage. I've spent nearly 30 years in mortgages, including time inside banks and large mortgage companies. Now I run an independent brokerage, and I compare conventional options across multiple lenders so you can see what actually fits.
What Is a Conventional Loan?
A conventional loan is a mortgage that isn't insured or guaranteed by a government agency like FHA, VA or USDA. Because there's no government backing, the lender looks closely at your credit, income, debts and down payment.
That also means guidelines can vary from one lender to the next. Different lenders can look at the same borrower and come back with very different answers. That's exactly why I compare them.
Who Uses Conventional Financing
Conventional loans work for a wide range of buyers:
- First-time buyers who want a low down payment option
- Move-up buyers selling one home and buying the next
- Second-home buyers, if eligible
- Investment-property buyers, if eligible
Unlike some government programs, a conventional loan isn't limited to a primary residence. That flexibility is a big reason people choose it.
Down Payment and Mortgage Insurance
You can put as little as 3% down if you qualify. With a smaller down payment, conventional loans usually come with mortgage insurance. Here's the good news: conventional mortgage insurance can often be removed later once you meet the requirements.
Putting more down changes the picture. So does the type of mortgage insurance you choose. I'll tell you the difference between your options, show you what each one does to your cash to close and your monthly payment, and help you decide how much to put down.
What I Compare for You
When I shop a conventional loan, I'm not just looking at one number. I compare:
- Mortgage insurance costs and options
- Closing costs and lender fees
- Down payment options and how much cash you keep in the bank
- Guidelines, including how each lender treats your income and debts
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Should You Go Conventional or Something Else?
Even if someone has already recommended FHA, VA or another loan type, I'll check whether conventional financing could be the better overall fit. Sometimes it is. Sometimes it isn't. I have multiple options, and I'll put them side by side.
I'll explain why I'm recommending one loan over another and what you give up or gain with each choice. The reason why I'm asking about your plans for the home is that how long you keep it and how you'll use it can change which loan makes the most sense.
A Payment You Can Live With
An approval isn't your household budget. I'll show you the full estimated payment, including principal, interest, property taxes, homeowner's insurance, mortgage insurance and any HOA dues. Then I'll ask: what payment will work for you? You still need room to live after the house payment.
If the numbers feel too tight, we'll look at what needs to change before you commit. If moving forward doesn't make sense, I'll tell you honestly.
How We Get Started
- A quick conversation about your goals, timeline and what's worrying you.
- Your numbers. Let's run some numbers together on down payment, cash to close and the full monthly payment.
- Lender comparison. I compare offers from multiple lenders.
- A clear recommendation with the tradeoffs spelled out.
- On-time closing with no surprises, and my number to call or text the whole way.
Buying in Ogden or refinancing the home you already own? Let's see what we can do.
Everything on this page is general information and illustrative only. It is not an offer or commitment to lend, and it does not reflect current interest rates or guaranteed terms. Programs, eligibility and guidelines change, and approval depends on your full application. Call or text me for details on your own situation.
Quick facts
- Who it's for
- First-time, move-up, and eligible second-home or investment buyers
- Minimum credit score
- 620
- Down payment
- As little as 3%
- Mortgage insurance
- Usually applies with a smaller down payment; can often be removed later
- Government backing
- None
- Occupancy
- Primary, second home or investment (if eligible)
Is this loan right for you?
Who it's for
- First-time buyers with a 620 or better credit score
- Move-up buyers selling one home and buying the next
- Eligible second-home buyers
- Eligible investment-property buyers
- Buyers who want to compare conventional against FHA or other options
Who it may not fit
- Borrowers with credit scores below 620
- Eligible veterans who may be better served by a zero-down VA loan
- Buyers whose full payment would leave no room in their budget
Pros and cons
Pros
- As little as 3% down for eligible buyers
- Can be used for primary homes, and eligible second homes and investment properties
- Mortgage insurance can often be removed later
- Multiple lenders with different guidelines to compare
- Flexible down payment choices
Trade-offs to weigh
- Requires a 620 or better credit score
- Mortgage insurance usually applies with a smaller down payment
- Lenders look closely at credit, income and debts
- Closing costs still apply
Frequently asked questions
What credit score do I need for a conventional loan?
The lenders I work with look for a 620 or better credit score. Your score also affects things like mortgage insurance, so I'll show you how your credit fits into the full picture.
Can I really buy with 3% down on a conventional loan?
If you qualify, yes, you may be able to. You'll usually have mortgage insurance with a smaller down payment, and you'll still have closing costs. We can also check down payment assistance programs to see if they could reduce what you bring to closing.
Can I use a conventional loan for a second home or rental?
Yes, if eligible. Conventional financing can be used for second homes and investment properties, not just primary residences. Requirements can differ, so I'll walk you through what applies to your purchase.
Will I have mortgage insurance forever?
Usually not. Conventional mortgage insurance can often be removed later once you meet the requirements. I'll explain how that works on your loan before you commit.
Someone told me to get an FHA loan. Should I look at conventional instead?
It's worth checking. I'll put conventional and FHA side by side and show you the full cost of each, including mortgage insurance and closing costs. Then I'll tell you which one I'd recommend and why.
What will my interest rate be?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Related loan programs
Before you rule yourself out, let's run some numbers together. Strategic Mortgage compares multiple lenders and checks down payment assistance before you start shopping.
FHA financing offers more flexible credit and qualifying requirements, starting with a 520 or better credit score. Strategic Mortgage compares it with your other options.
I help eligible veterans, service members and surviving spouses use their VA benefit with a clear look at entitlement, funding fees, closing costs and the full payment.
Last updated October 21, 2026 · Reviewed by Ron Pippin, NMLS #218333. This page is educational and not a commitment to lend; program details change — ask for current figures.