11 Best Conventional Mortgage Lenders of 2023
See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.
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.
For home buyers with strong credit, solid income and at least a 3% down payment, a conventional mortgage may be the perfect fit. But which lender should you choose?
To help you shop, NerdWallet has picked some of the best conventional mortgage lenders in a variety of categories.
For home buyers with strong credit, solid income and at least a 3% down payment, a conventional mortgage may be the perfect fit. But which lender should you choose?
To help you shop, NerdWallet has picked some of the best conventional mortgage lenders in a variety of categories.
Best Conventional Mortgage Lenders
Lender | NerdWallet rating | Min. credit score | Min. down payment | Learn more |
---|---|---|---|---|
![]() Alliant: NMLS#197185 | Best for variety of loan types | N/A | 3% | Read review |
![]() Better: NMLS#330511 | Best for refinancing | 620 | 3% | Read review |
![]() Carrington: NMLS#2600 | Best for borrowers with weaker credit histories | 620 | 5% | Read review |
![]() Flagstar: NMLS#417490 | Best for first-time home buyers | 620 | 3% | Read review |
![]() Golden 1 Credit Union: NMLS#669333 | Best for rate transparency | N/A | 3% | Read review |
![]() Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate | Best for FHA lending | 620 | 3% | Learn more at Guaranteed Rate |
![]() Navy Federal: NMLS#399807 | Best for credit union lending | N/A | 0% | Read review |
NBKC: NMLS#409631 Learn more at NBKC | Best for overall lending experience | 620 | 3% | Learn more at NBKC |
![]() New American Funding: NMLS#6606 Learn more at New American Funding | Best for nontraditional credit histories | 620 | 3% | Learn more at New American Funding |
![]() PNC: NMLS#446303 | Best for first-time home buyers | 620 | 3% | Read review |
![]() San Diego County Credit Union: NMLS#580585 | Best for rate transparency | 620 | 5% | Read review |
Alliant: NMLS#197185

Min. credit score
N/AMin. down payment
3%Better: NMLS#330511

Min. credit score
620Min. down payment
3%Carrington: NMLS#2600

Min. credit score
620Min. down payment
5%Flagstar: NMLS#417490

Min. credit score
620Min. down payment
3%Golden 1 Credit Union: NMLS#669333

Min. credit score
N/AMin. down payment
3%
at Guaranteed Rate
Guaranteed Rate: NMLS#2611

Min. credit score
620Min. down payment
3%at Guaranteed Rate
Navy Federal: NMLS#399807

National / regional
NationalMin. down payment
0%
at New American Funding
New American Funding: NMLS#6606

Min. credit score
620Min. down payment
3%at New American Funding
San Diego County Credit Union: NMLS#580585

Min. down payment
5%National / regional
RegionalQualifying for a conventional mortgage
Conventional mortgages typically conform to loan limits set by the Federal Housing Finance Agency, and aren’t guaranteed or insured by the federal government.
Qualifying for a conventional loan is generally harder than qualifying for FHA and other government home loans. In addition to a solid income and money for a down payment, you'll likely need a strong credit history.
More from NerdWallet
Last updated on February 3, 2023
Methodology
The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.
The lenders on this page are chosen using this methodology:
NerdWallet reviewed more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.
For inclusion on this roundup, lenders must offer conventional mortgage and refinance loans. The highest scoring lenders according to our overall methodology are featured here.
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2021 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
To recap our selections...
NerdWallet's Best Conventional Mortgage Lenders of 2023
- Alliant: Best for variety of loan types
- Better: Best for refinancing
- Carrington: Best for borrowers with weaker credit histories
- Flagstar: Best for first-time home buyers
- Golden 1 Credit Union: Best for rate transparency
- Guaranteed Rate: Best for FHA lending
- Navy Federal: Best for credit union lending
- NBKC: Best for overall lending experience
- New American Funding: Best for nontraditional credit histories
- PNC: Best for first-time home buyers
- San Diego County Credit Union: Best for rate transparency
Frequently asked questions
Some lenders offer conventional mortgages with a down payment of as little as 3%. You’ll typically need to put down at least 20% to avoid private mortgage insurance, however.
The credit score needed to buy a house with a conventional loan varies by lender, but 620 is typically the minimum. You’ll need a score of around 740 to get the best rates.
Unlike conventional mortgages, FHA loans are guaranteed by the Federal Housing Administration. FHA mortgages have more relaxed income and credit score requirements than conventional mortgages, but they typically require a 3.5% down payment and mandatory mortgage insurance for the life of the loan. Compare FHA vs. conventional home loans to see which one fits your needs.
The best conventional mortgage lenders offer the right combination of competitive rates, attractive loan terms and low closing costs. Finding a lender that excels at customer service and your preferred style of communication is also essential.