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Conventional Home Loans
Springfield, MO

And Southwest Missouri

Conventional Home Loans

Conventional loans are one of the most popular options for homebuyers, and for good reason. Backed by private lenders rather than a government agency, these loans often come with competitive rates, flexible terms, and the potential to avoid mortgage insurance with a larger down payment.

They’re ideal for buyers with strong credit and steady income who want more control over their loan structure. Whether you’re buying your first home or your forever home, a Conventional Loan gives you the flexibility to choose what fits your financial goals.

Conventional Loan Requirements

(Requirements vary by lender and program type)

Credit score: 620 or higher (stronger scores may qualify for better rates)
Down payment: As low as 3% for qualified borrowers
Debt-to-income ratio: Generally 43% or lower
Mortgage insurance: Required for down payments under 20% (can often be canceled once equity reaches 20%)
Property type: Primary residence, second home, or qualifying investment property
Loan limits: Must fall within conforming loan limits set by Fannie Mae and Freddie Mac