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FHA vs. Conventional Loans
FHA loans allow lower credit scores than conventional mortgages do, and are easier to qualify for. Conventional loans allow slightly lower down payments.
Hal M. Bundrick, CFP® Senior Writer | Personal finance, financial planning, investing
Hal M. Bundrick is a personal finance writer and a NerdWallet authority in money matters. He is a certified financial planner and former financial consultant and senior investment specialist for Wall Street firms. Hal advised families, business owners, nonprofits and trusts, as well as managed group employee retirement plans in the South and Midwest. Hal now works to make financial topics understandable and jargon-free.
Kate Wood Lead Writer | Homebuying, mortgages, homeowership
Kate Wood joined NerdWallet in 2019 as a writer on the homes and mortgages team. With an educational background in sociology, Kate feels strongly about issues like housing inequality and relishes any opportunity to demystify the homebuying process. Prior to joining NerdWallet, she wrote about home remodeling, decor and maintenance for This Old House magazine. Despite having learned just how difficult old houses can be, Kate purchased and is slowly renovating an 18th-century home in eastern Connecticut.
Alice Holbrook Assigning Editor | Homebuying, savings and banking products
Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked on NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan.
Michelle Blackford spent 30 years working in the mortgage and banking industries, starting her career as a part-time bank teller and working her way up to becoming a mortgage loan processor and underwriter. She has worked with conventional and government-backed mortgages. Michelle currently works in quality assurance for Innovation Refunds, a company that provides tax assistance to small businesses.
At NerdWallet, our content goes through a rigorous editorial review process. We have such confidence in our accurate and useful content that we let outside experts inspect our work.
Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.
Some buyers may believe that FHA loans are for first-time home buyers and conventional mortgages are for more established buyers. However, both types of loans have their advantages for any buyer, though qualification requirements differ.
FHA loans are insured by the Federal Housing Administration, and conventional mortgages aren't insured by a federal agency — instead, a lender assumes the risks associated with issuing the loan.
Here are the factors to weigh when considering an FHA loan vs. a conventional loan.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
580580
Min. down payment
5%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
4.5
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
4.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
FHA loans and conventional loans each have their own distinct requirements that borrowers need to meet in order to qualify. FHA loans have more flexible standards for things like down payments and credit scores. Rates and mortgage insurance requirements also differ between the two types of loans, as do refinancing requirements.
Here are some key differences between FHA and conventional loans.
FHA loans are usually easier to qualify for, requiring a minimum credit score of 580 to be eligible to make a 3.5% down payment. If your credit score is 500 to 579, you may qualify for an FHA loan with a 10% down payment.
Some conventional mortgages offer a slightly lower 3% down payment, but they typically require a credit score of 620 or higher.
Keep in mind that, though the FHA sets minimum scores, lenders may require higher ones. And with both conventional loans and FHA loans, you'll be more likely to qualify and be offered a better interest rate with a higher credit score.
Your debt-to-income ratio, or DTI, is the percentage of your monthly pretax income that you spend to pay your debts, including your mortgage, student loans, auto loans, child support and minimum credit card payments. The higher your DTI, the more likely you are to struggle with your bills.
You’re more likely to qualify for an FHA loan with a DTI ratio of 50% or less, but some borrowers do qualify with one above 50%. Lenders prefer borrowers to have DTIs of 36% or less for conventional mortgages, though in some cases, some lenders allow DTIs up to 50% — typically not above.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
580580
Min. down payment
5%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
4.5
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
4.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Mortgage insurance protects the lender in case of default. Conventional loans require borrowers to pay for mortgage insurance if their down payment is less than 20%. FHA loans require mortgage insurance regardless of down payment amount.
According to Freddie Mac, you can typically expect to pay between 0.03% and 0.07% of your total loan value for private mortgage insurance for a conventional loan. This number is calculated using your loan-to-value ratio (how much you’re borrowing compared to the value of the home) and your credit score. Once you have 20% equity in your home, you can cancel PMI on a conventional loan.
Private mortgage insurance for a conventional loan can cost less than FHA mortgage insurance if your credit score is above 720.
Meanwhile, FHA mortgage insurance depends on the value and term of the loan, as well as the size of your down payment. Credit scores aren’t a factor for FHA mortgage insurance.
Effective for mortgages endorsed for FHA insurance on or after March 20, 2023, the annual premium ranges from 0.15% to 0.75% of the average outstanding loan balance. Most homebuyers will pay 0.55%, according to the FHA.
FHA mortgage insurance premiums last for the life of the loan if you make a down payment of less than 10%. If you make a down payment of 10% or more on an FHA loan, you'll pay FHA mortgage insurance for 11 years. You’ll also pay an upfront fee, typically 1.75% of the total loan amount. This fee can be financed into the mortgage.
Rates for FHA loans can be lower than the rates offered for conventional loans. However, whether or not FHA loans actually cost less depends on your financial profile.
For example, if you’re unable to put down at least 10% on an FHA loan, you’ll be paying mortgage insurance until you’ve paid off or refinanced the loan. This means that even if your rate was initially lower than on a conventional mortgage, you’ll also be paying this additional fee long after you’ve built up sizable equity in your home. Even if you’ve put down 10% or more, you’re still locked in for 11 years.
When comparing rates between the two loan products, consider calculating how quickly you expect to reach 20% equity. If it’s less than 11 years, any potential rate savings may not be worth it.
Both conventional and FHA loans limit the amount you can borrow, and the maximum loan sizes vary by county. Regulators may change the loan limits annually.
The 2023 FHA loan limit is $472,030 in low-cost areas and $1,089,300 in expensive markets. Some counties also have limits falling between this minimum and maximum.
Conventional loans are subject to the conforming loan limit set by the Federal Housing Finance Agency. For 2023, that limit is $726,200 for most areas of the U.S. Mortgages that exceed that threshold are called “jumbo loans,” and are subject to more stringent underwriting standards.
Property standards
The condition and intended use of the property you’re hoping to buy are important factors when comparing FHA to conventional loans.
FHA appraisals are more stringent than conventional appraisals. Not only is the property's value assessed, but it is also thoroughly vetted for safety, soundness of construction and adherence to local code restrictions.
Meanwhile, appraisals for conventional loans focus more on the property’s market value. The lender wants assurance that if you can’t pay your mortgage and the property goes into foreclosure, they can recoup their investment by selling it. This won’t be possible if they’ve overpaid.
The actual quality of the home can be evaluated through a home inspection. You may not be required to hire a home inspector, but an expert could uncover potentially costly or dangerous problems that you’ll want to know about.
When you get an FHA loan, you have to live in the house as your primary home. Investment properties are only eligible for FHA loans if the owner occupies one of the units full time.
A conventional loan can be used to buy a vacation home or an investment property, as well as a primary residence.
As far as mortgage refinancing goes, the edge goes to FHA “streamline” refinancing. With the option to forgo a credit check and income verification and likely no home appraisal, it’s about as easy a refi as you can get. You’ll be required to provide evidence that the property has been your principal residence, which can be in the form of employment records or utility bills. Extenuating circumstances (like if you’ve had to enter forbearance) can trigger additional documentation requirements.
Meanwhile, Freddie Mac’s list of documentation requirements to refinance a conventional loan include:
At least one month of paystubs.
W-2s going back two years.
Bank and investment account statements.
Your most recent tax returns.
A copy of your homeowner’s insurance policy.
Your most recent mortgage statement.
The lender will also look into your credit history and debts, similar to when you initially received your mortgage. After your loan is approved, the lender will schedule an appraisal.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
580580
Min. down payment
5%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%NBKC offers conventional loans for as little as 3% down.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Pennymac offers several different home loan options for borrowers with less than a 20% down payment.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.
Min. credit score
620620
Min. down payment
3%Rocket Mortgage offers conventional mortgages with as little as 3% down.