Best of
9 Best Conventional Mortgage Lenders of 2020
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See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.
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? See FAQs on basic conventional loan requirements and learn how to find a good conventional mortgage lender.
NerdWallet has picked some of the best conventional mortgage lenders in a variety of categories so you can quickly decide which one is right for you.
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? See FAQs on basic conventional loan requirements and learn how to find a good conventional mortgage lender.
NerdWallet has picked some of the best conventional mortgage lenders in a variety of categories so you can quickly decide which one is right for you.
Summary of Best Conventional Mortgage Lenders of 2020
| Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Ally Bank: NMLS#181005 at Ally | Best for online experience | 620 | 3% | at Ally |
 Rocket Mortgage by Quicken Loans: NMLS#3030 at Rocket Mortgage | Best for online experience | 620 | 3% | at Rocket Mortgage |
 New American Funding: NMLS#6606 at New American | Best for borrowers with weak credit | 700 | 3% | at New American |
 Guaranteed Rate: NMLS#2611 at Guaranteed Rate | Best for online experience | 620 | 3% | at Guaranteed Rate |
 Quicken Loans: NMLS#3030 at Quicken Loans | Best for first-time home buyers | 620 | 3% | at Quicken Loans |
.png) Reali Loans: NMLS#991397 at Reali Loans | Best for refinancing | 620 | 5% | at Reali Loans |
 NBKC: NMLS#409631 at NBKC Bank | Best for refinancing | 620 | 3% | at NBKC Bank |
 Citibank: NMLS#412915 | Best for first-time home buyers + face-to-face service | N/A | 3% | Read review |
 Bank of America: NMLS#399802 | Best for face-to-face service | 620 | 3% | Read review |
at Ally
Ally Bank: NMLS#181005
Min. Credit Score
Min. Down Payment
at Ally
at Rocket Mortgage
Rocket Mortgage by Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Rocket Mortgage
at New American
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
National / Regional
at New American
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
Min. Credit Score
Min. Down Payment
at Guaranteed Rate
at Quicken Loans
Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Quicken Loans
at Reali Loans
Reali Loans: NMLS#991397
Min. Credit Score
National / Regional
at Reali Loans
at NBKC Bank
NBKC: NMLS#409631
Great for first-time home buyers | digital convenience | customer service
Min. Credit Score
Min. Down Payment
at NBKC Bank
Citibank: NMLS#412915
National / Regional
Min. Down Payment
Bank of America: NMLS#399802
Min. Credit Score
Min. Down Payment
Conventional mortgage FAQs
What is 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.
How much down payment is needed for a conventional mortgage?
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.
Am I eligible for a conventional mortgage?
Qualifying for a conventional loan is generally harder than qualifying for FHA and other government home loans. In addition to down payment funds, you’ll need a solid income and credit history. Credit score requirements for conventional mortgages vary by lender, but 620 is typically the minimum. You’ll need a score of around 740 to get the best rates.
» MORE: Get your credit score for free
What’s the difference between conventional and FHA mortgages?
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.
» MORE: FHA vs. conventional home loans
What should I look for in a conventional mortgage lender?
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.
More from NerdWallet
Last updated on October 21, 2020
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 2020
- Ally Bank: Best for online experience
- Rocket Mortgage by Quicken Loans: Best for online experience
- New American Funding: Best for borrowers with weak credit
- Guaranteed Rate: Best for online experience
- Quicken Loans: Best for first-time home buyers
- Reali Loans: Best for refinancing
- NBKC: Best for refinancing
- Citibank: Best for first-time home buyers + face-to-face service
- Bank of America: Best for face-to-face service
