Loan Programs
Conventional Loans
Competitive rates. Flexible terms. The standard for qualified borrowers.
What Is a Conventional Loan?
A conventional loan is any mortgage that isn't backed by a government agency (FHA, VA, or USDA). These loans are backed by private lenders and follow guidelines set by Fannie Mae and Freddie Mac.
With access to 40+ lenders, Phi compares conventional rates and programs to find the best fit for your credit profile and goals.
Key Benefits
As Low as 3% Down
First-time buyers may qualify for just 3% down. 5% and 10% options also available.
PMI Drops Off
Unlike FHA, private mortgage insurance automatically cancels at 78% LTV — or you can request removal at 80%.
Flexible Property Types
Primary homes, second homes, and investment properties all eligible.
Multiple Term Options
15, 20, 25, or 30-year fixed. Adjustable-rate options (5/1, 7/1, 10/1 ARM) also available.
Requirements
| Minimum Credit Score | 620+ (best rates at 740+) |
| Down Payment | 3–20% (20% avoids PMI) |
| Debt-to-Income Ratio | Up to 50% with strong compensating factors |
| Property Type | Primary, second home, or investment (1-4 units) |
| Loan Limits (2024) | $766,550 (standard) — higher in high-cost areas |
| Employment | 2 years of stable income history |
Conventional vs. FHA
| Conventional | FHA | |
|---|---|---|
| Min. Credit Score | 620 | 580 (3.5% down) |
| Down Payment | 3–20% | 3.5% |
| PMI | Removable at 80% LTV | Lifetime MIP (most cases) |
| Property Types | Primary, 2nd, investment | Primary only |
| Best For | Good credit, 5%+ down | Lower credit, min. down |
See Your Rate Options
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