9 Best Conventional Mortgage Lenders of 2021
See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.
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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.
Summary of Best Conventional Mortgage Lenders of 2021
| Lender | NerdWallet Rating | Min. Credit Score | Min. Down Payment | Learn More |
|---|---|---|---|---|
 New American Funding: NMLS#6606 Learn more at New American Funding | Best for borrowers with weak credit | 620 | 3% | Learn more at New American Funding |
 Rocket Mortgage by Quicken Loans: NMLS#3030 Learn more at Rocket Mortgage by Quicken Loans | Best for online experience | 620 | 3% | Learn more at Rocket Mortgage by Quicken Loans |
 NBKC: NMLS#409631 Learn more at NBKC | Best for refinancing | 620 | 3% | Learn more at NBKC |
 Quicken Loans: NMLS#3030 Learn more at Quicken Loans | Best for first-time home buyers | 620 | 3% | Learn more at Quicken Loans |
 Guaranteed Rate: NMLS#2611 Learn more at Guaranteed Rate | Best for online experience | 620 | 3% | Learn more at Guaranteed Rate |
 Ally Bank: NMLS#181005 Learn more at Ally Bank | Best for online experience | 620 | 3% | Learn more at Ally Bank |
.png) Reali Loans: NMLS#991397 Learn more at Reali Loans | Best for refinancing | 620 | N/A | Learn more at Reali Loans |
 Bank of America: NMLS#399802 | Best for face-to-face service | 620 | 5% | Read review |
 Citibank: NMLS#412915 | Best for first-time home buyers + face-to-face service | N/A | 3% | Read review |
at New American Funding
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
at New American Funding
at Rocket Mortgage by Quicken Loans
Rocket Mortgage by Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Rocket Mortgage by Quicken Loans
at Quicken Loans
Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Quicken Loans
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
Min. Credit Score
Min. Down Payment
at Guaranteed Rate
at Ally Bank
Ally Bank: NMLS#181005
Min. Credit Score
Min. Down Payment
at Ally Bank
at Reali Loans
Reali Loans: NMLS#991397
Min. Credit Score
National / Regional
at Reali Loans
Bank of America: NMLS#399802
Min. Credit Score
Min. Down Payment
National / Regional
Citibank: NMLS#412915
National / Regional
Min. Down Payment
Qualifying 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 need a strong credit history.
More from NerdWallet
Last updated on August 31, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
To recap our selections...
NerdWallet's Best Conventional Mortgage Lenders of 2021
- New American Funding: Best for borrowers with weak credit
- Rocket Mortgage by Quicken Loans: Best for online experience
- NBKC: Best for refinancing
- Quicken Loans: Best for first-time home buyers
- Guaranteed Rate: Best for online experience
- Ally Bank: Best for online experience
- Reali Loans: Best for refinancing
- Bank of America: Best for face-to-face service
- Citibank: Best for first-time home buyers + face-to-face service
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.
