Conventional Loans

For buyers with strong credit and stable income who want flexible terms without government-backed restrictions.

Who a Conventional Loan Is For

Buyers with a credit score of 620 or higher — ideally 680+ for best rate tiers
Borrowers who can put down 3% to 20% or more, with PMI eliminated at 20% down
Move-up buyers, second-home purchasers, and investors in conventional-eligible properties
Buyers who want faster underwriting and fewer property condition requirements than government loans

How It Works

From first conversation
to closing day.

Pre-Approval

Tanya reviews your credit, income, assets, and debt-to-income ratio to determine your loan amount and rate tier.

Property Appraisal

A licensed appraiser confirms the home's market value. Conventional appraisals have fewer condition requirements than FHA or VA.

Underwriting

The file is reviewed against Fannie Mae or Freddie Mac guidelines. Strong files can close in 21–30 days.

Closing

You sign final documents, funds are wired, and keys are transferred. PMI is automatically removed once you reach 20% equity.

Key Benefits

Eliminate private mortgage insurance entirely with a 20% down payment, reducing your monthly cost versus FHA on an equivalent loan.

Eligible for primary residences, second homes, condos, planned unit developments, and investment properties up to 10 financed units.

2024 conforming limit is $766,550 in most markets, with higher limits in high-cost counties. Loans above this threshold qualify as jumbo.

Requirements Snapshot

Minimum Credit Score	620 (680+ recommended for best rate pricing)
Down Payment	3% minimum for primary residence; 10% for second home; 15–25% for investment property
Debt-to-Income Ratio	Up to 45–50% with compensating factors
Private Mortgage Insurance	Required below 20% down; automatically cancels at 78% LTV
Property Types	Primary, second home, investment; 1–4 units

Edge Home Finance, LLC • NMLS #891464 • 5860 Baker Road, Minnetonka, MN 55345

Equal Housing Opportunity Lender. This is not a commitment to lend. All loans subject to credit approval.

Licensed in: Georgia and Florida • NMLS Consumer Access: www.nmlsconsumeraccess.org • Licensing & Disclosures

Equal Housing Opportunity