A flexible mortgage for your next chapter.
Buying your first home, moving up, or refinancing? Explore conventional financing with Melissa Alves and find a path that fits your savings, budget, and long-term goals.
You may not need 20% down. Eligible buyers can explore low-down-payment programs, with mortgage insurance that may be canceled when requirements are met.
- As little as 3% down for eligible buyers
- Cancelable private mortgage insurance
- Purchase and refinance options
Could conventional financing work for you?
A conventional loan is a mortgage that is not insured or guaranteed by a federal government agency. It can be a useful option for a range of homeownership goals.
First-time homebuyers
Explore eligible low-down-payment options while keeping room in your budget for closing costs and homeownership expenses.
Buyers ready to move up
Compare how different down payments and loan terms affect your payment and cash needed at closing.
Current homeowners
Review refinancing options based on your current loan, equity, and financial goals.
Conventional loan basics
Melissa reviews your complete financial picture and the property to help identify available programs.
Down payment
Some eligible primary-residence programs allow as little as 3% down. Requirements vary by program and borrower.
Credit & income
Your credit history, documented income, existing debts, and reserves help determine eligibility and loan pricing.
Mortgage insurance
PMI is typically required with less than 20% down. Eligible borrowers can request cancellation when applicable requirements are met.
Loan amount
Conforming loans must meet the applicable loan limit. Larger loan amounts may require a jumbo program.
Property eligibility
Property type, occupancy, condition, and any condominium project requirements affect available options.
Total monthly cost
Compare principal and interest, property taxes, insurance, PMI, and HOA dues when planning your budget.
From first conversation to closing
A clear process, with guidance at each step.
Discuss your goals
Talk through your timeline, budget, and the home or refinance you have in mind.
Review your documents
Provide income, asset, and other requested records for a pre-approval review.
Compare your options
Review loan terms, estimated payments, mortgage insurance, and closing costs.
Move toward closing
Complete appraisal and underwriting requirements, then review your closing documents.
Start with the numbers.
Use your own example rate to estimate principal and interest. Then talk with Melissa about the complete monthly payment and current options.
- Compare down-payment scenarios
- Explore a shorter or longer loan term
- Ask about PMI and closing costs
Principal & interest calculator
Estimated monthly principal & interestIllustrative calculation only. The example rate is not a current rate or quote. Excludes taxes, insurance, PMI, HOA dues, and closing costs.
Discuss my scenarioYour conventional loan questions, answered.
Do I need 20% down?
No. Certain eligible conventional programs, including HomeReady, offer down payments as low as 3%. Income, occupancy, education, and other program requirements may apply. A larger down payment may reduce borrowing costs.
When can private mortgage insurance be removed?
For many covered loans, you can request PMI cancellation when the balance reaches 80% of the home's original value, subject to payment history and other conditions. PMI generally terminates automatically at the scheduled 78% balance if you are current. Contact your loan servicer for your loan's specific rules.
What credit score do I need?
Eligibility depends on the program, lender, and full application. Melissa can review your credit, income, debts, and savings together and explain which options may be available.
Can I use a conventional loan to refinance?
Conventional refinancing may be available for eligible borrowers and properties. Your equity, existing loan, and goals help determine whether a rate-and-term or cash-out option is appropriate.
What should I prepare for a pre-approval review?
Expect to provide identification, recent income and asset documentation, and information about your debts. Additional documents may be requested depending on your employment and financial situation. Pre-approval is subject to verification and final underwriting.
Learn more: Fannie Mae HomeReady · CFPB mortgage insurance guidance
Let's make your home financing plan.
Connect with Melissa Alves for personal guidance on your conventional mortgage options.
Melissa Alves · NMLS #1993867 · NEXA Mortgage | Alves Mortgage Team
