3% down — and the mortgage insurance eventually leaves.
Conventional financing isn't just for 20%-down buyers anymore. Qualified first-time buyers can put as little as 3% down, and unlike FHA, conventional mortgage insurance cancels once you have enough equity.
3% down programs
HomeReady, Home Possible, and standard 97% LTV options put conventional financing within first-home reach.
MI that disappears
Private mortgage insurance drops off automatically at 78% loan-to-value — and can be removed earlier by request at 80%. Your payment has a built-in future discount.
Strong-credit pricing
With good credit, conventional monthly costs frequently beat FHA — we price both and show you the comparison.
Flexible property types
Condos, townhomes and single-family all work, with fewer property condition constraints than government programs.
Typical eligibility
- Credit score generally 620+ (best pricing 700+)
- Down payment from 3% (first-time buyer programs)
- Debt-to-income within program limits
- Primary residence for the 3%-down options
Program guidelines change and county limits vary — treat this as orientation, not a rulebook. We verify your actual eligibility for free, usually same-day.
Find out if Conventional fits you.
Eligibility checks are free, fast, and commitment-free — call, email, or apply through Fairway's secure system.
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