Most conventional loans require a minimum credit score of 620. However, borrowers with higher scores — a conventional loan for 700 credit score or a 750 credit score — typically qualify for the best conventional mortgage rates and terms. The Smith Mortgage Group works with multiple lenders and can help you find options based on your specific credit profile.

PMI is required for conventional loans with less than 20% down payment. However, you can remove PMI on a conventional loan once you reach 20% equity in your home. We'll explain all your options for a conventional loan without PMI, including strategies to remove it as quickly as possible.

A 15-year fixed conventional mortgage has higher monthly payments but builds equity faster and typically offers lower interest rates, saving you thousands in interest over the life of the loan. A 30-year fixed conventional mortgage has lower monthly payments, making it more affordable month-to-month. When choosing conventional over FHA, conventional loans often make more sense once your credit and down payment are strong enough to avoid FHA's upfront mortgage insurance premium. The Smith Mortgage Group can walk you through a full conventional vs FHA loan comparison.

Yes! A conventional loan for investment property, second homes, and primary residences are all available through The Smith Mortgage Group. Requirements differ for each property type — investment properties typically require higher down payments (15-25%) and slightly higher rates. We also offer conventional loan options for self-employed borrowers, including asset depletion qualifying for those with non-traditional income.

From application to closing, conventional mortgages typically take 30-45 days. The Smith Mortgage Group's streamlined process and experienced team can often deliver a conventional loan 21 day closing, especially if you have all your documentation ready and the property appraisal goes smoothly — with same day pre approval conventional options available for qualified borrowers.