Conventional Mortgages
As a premier mortgage lender licensed in all 50 states, The Smith Mortgage Group makes conventional home loans simple for Tennessee buyers and homeowners nationwide. Whether you’re securing a conventional mortgage loan for your next purchase or exploring a refinance to leverage your equity, we prioritize transparency, competitive conventional mortgage rates, and speed. Our team works tirelessly to provide expert guidance — from smith mortgage group pre-approval through closing — so you can move forward with confidence.
Conventional Mortgages
Conventional mortgage loans are the gold standard of home financing, offering competitive conventional mortgage rates and flexible terms for qualified Tennessee borrowers. Perfect for buyers with good credit and stable income, these conventional home loans provide the reliability and predictability that make homeownership dreams a reality.
At The Smith Mortgage Group, your trusted conventional mortgage lender in Shelbyville, TN, we offer both fixed and adjustable-rate conventional home loans with conventional loan down payment options as low as 5%. Our streamlined process and competitive conventional loan Tennessee rates make us the ideal partner for your home financing needs.
Conventional home loans through The Smith Mortgage Group are ideal for borrowers who:
- Have a conventional loan credit score of 620 or higher
- Can provide a conventional loan down payment of at least 5%
- Have a stable income and employment history
- Want a conventional loan without PMI by putting 20% down
- Are purchasing a primary residence, second home, or conventional loan for investment property
Estimate your monthly payment with The Smith Mortgage Group's conventional mortgage payment calculator.
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.
Every Dream Home Deserves the Right Mortgage
Flexible loan programs designed to fit your unique situation
Conventional Mortgages
Traditional 15-year and 30-year fixed-rate mortgages with competitive rates and flexible down payment options.
- 5% - 20% down payment
- Fixed & adjustable rates
- Rate locks up to 60 days
- Quick pre-approval
FHA Loans
Perfect for first-time homebuyers with as low as 3.5% down payment and flexible credit requirements.
- 3.5% minimum down
- Lower credit score OK
- Mortgage insurance included
- Gift funds allowed
VA Loans
Exclusive benefits for veterans, active military, and surviving spouses with zero down payment required.
- 0% down payment
- No PMI required
- Competitive rates
- Lifetime eligibility
USDA Loans
Zero down payment options for rural and suburban homebuyers in eligible areas.
- 0% down payment
- No PMI required
- Favorable rural rates
- Income limits apply
Jumbo Mortgages
Financing for high-value properties exceeding conventional loan limits with competitive rates.
- Luxury home financing
- Competitive jumbo rates
- 10-20% down typical
- Expert guidance
Refinancing
Lower your payments, access equity, or switch loan types with our streamlined refinance process.
- Lower monthly payments
- Cash-out options
- No appraisal options
- Fast processing
Construction Loans
Financing for homeowners building new homes or undertaking major renovations with interest-only payments during construction.
- Interest-only during construction
- Automatic conversion to permanent
- Inspections tied to disbursement
- Expert project coordination
Investment Property
Specialized financing for real estate investors purchasing rental properties, fix-and-flips, and multi-unit properties.
- Portfolio lending options
- Flexible qualification
- Rapid funding for deals
- Investment strategy guidance
Specialized Programs
Credit challenged loans, bank statement programs, and non-traditional income verification for unique borrower situations.
- Alternative income documentation
- Non-traditional credit evaluation
- Self-employed solutions
- Flexible qualification
Mortgage Consulting
Expert advice on loan selection, rate shopping, financial planning for homeownership, and refinancing strategies.
- Personalized loan recommendations
- Financial planning consultation
- Rate comparison analysis
- Pre-approval guidance
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Discover the full range of our mortgage services and find the perfect option for your home financing needs.
View All ServicesRelated resources for Conventional Mortgages
Continue with a relevant guide or planning tool based on your next question.
- home affordability calculator — Estimate a practical purchase-price range.
- mortgage loan comparison tool — Compare two loan scenarios side by side.
- first-time homebuyer guide — Review preparation, offers and closing steps.
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Office: 931-205-1424
Office
605 Delray Street, Shelbyville, TN 37160