Loan Program · Conventional · NMLS #278947
A conventional loan is a mortgage that is not backed by a government agency like the FHA, VA, or USDA. Instead, it is underwritten to standards set by Fannie Mae and Freddie Mac, which gives it more flexibility on loan size, property type, and how you structure the loan.
The bar is a little higher than some government programs: as little as 3% down for first-time buyers, 5% common for repeat buyers, and a credit score at 620 or above preferred. Scores under 620 can still be approved, case by case, and I will tell you honestly where you stand before you spend a dollar.
Minimum down payment
3%
Minimum credit score
620
2026 limit (1-unit)
$832,750
2026 Loan Limits
Conforming loan limits are set by FHFA every year and apply to the loans Fannie Mae and Freddie Mac will buy. All four counties we serve sit at the standard 2026 conforming limit for a one-unit home:
The 2026 conforming loan limit for a one-unit home is $832,750 in every county we serve. None of the four counties exceed the standard limit, so no high-balance adjustment applies here. A conventional loan above $832,750 moves into jumbo territory, and I can shop that too. These are the FHFA figures for 2026, and they can change, so I verify the current limit against your exact address before we build a plan.
Minimum Credit Score & Down Payment
As little as 3% of the purchase price for first-time buyers. 5% is the common minimum for repeat buyers, and some lenders allow 3% there as well. Your down payment can come from savings, gifts, or down payment assistance programs.
620 or above is preferred. Scores under 620 can be approved on a case-by-case basis, depending on the rest of your file: income, assets, reserves, and debt-to-income. I shop your file across 170+ lenders to find the one who reads your credit fairly.
No government backing
Conventional loans are not insured by the FHA, VA, or USDA. They are underwritten to Fannie Mae and Freddie Mac standards, which gives more flexibility on loan size and property type.
PMI under 20% down
Put less than 20% down and you pay private mortgage insurance. It drops off automatically once you reach 20% equity, and I show you the full picture up front.
Primary, second home, or investment
Conventional loans work for primary residences, second homes, and investment properties, which makes them a favorite for move-up buyers and investors.
FAQ · Conventional
The questions people type into Google and AI before they call. If yours is not here, that is what the first call is for.
The 2026 conforming loan limit for a one-unit home in Clark County is $832,750. Clark County sits at the standard conforming limit, so no high-balance adjustment applies. A conventional loan above $832,750 moves into jumbo territory.
Yes. First-time buyers can put as little as 3% down on a conventional loan. 5% is the common minimum for repeat buyers, and some lenders allow 3% there as well. Under 20% down means private mortgage insurance, which drops off once you reach 20% equity.
620 or above is preferred. Scores under 620 can be approved case by case, depending on the rest of your file. I shop your file across 170+ lenders to find the one who reads your credit fairly.
A conventional loan is not backed by a government agency, while an FHA loan is insured by the Federal Housing Administration. Conventional loans typically want a 620 credit score and 3% down, while FHA allows 580 with 3.5% down. Conventional mortgage insurance drops off at 20% equity, while FHA mortgage insurance usually stays much longer, often for the life of the loan.
It depends on your numbers. Conventional usually wins on total cost when your credit is strong, because the mortgage insurance drops off at 20% equity. FHA wins when your credit is lower or your down payment is thin. I run both sets of numbers and show you the difference in writing.
First home, next home, or investment property. Book a call and we will run your real numbers for a conventional loan.
Loan limits, credit requirements, and program guidelines are set by the agencies and by each lender, and they change every year. The numbers on this page are the 2026 figures as published. Jeff verifies the current limits and requirements against your exact situation before you build a plan.