10 Best Conventional Mortgage Lenders of 2024
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.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
10 Best Conventional Mortgage Lenders of 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
 Rate: NMLS#2611 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
620 | 3% | |||
 Better: NMLS#330511 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 PNC: NMLS#446303 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet | |
 Alliant: NMLS#197185 LEARN MORE on NerdWallet | N/A | 3% | LEARN MORE on NerdWallet |
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
- Mortgage rates are on the low side compared to other lenders, according to the latest federal data.
- VA loans represent more than a quarter of purchase volume, a larger share than many lenders NerdWallet reviews.
- Offers a variety of loan types for purchase and refinance, including fixed- and adjustable-rate loans and government options
- HELOCs and no-down-payment loans are available only in the Kansas City metro area.
- Mobile app focuses on online banking, not mortgages.
- You’ll need to share contact information to see customized mortgage rates.
- Borrowers can apply, lock in a rate and receive a commitment letter within one day.
- Offers both HELOCs and home equity loans with a high borrowing limit of 90% CLTV.
- Offers mortgages for manufactured homes, as well as financing for self-employed borrowers.
- No mobile app; customer service is by email or phone only.
- Borrower must provide contact information to see customized rates.
- Does not offer renovation or construction loans.
- Low-down-payment loan options include FHA, VA, USDA and PNC Community Loan.
- Jumbo loans available with minimum down payments of 5%.
- Customizable mortgage rates are posted online.
- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
- You’ll have to supply personal data or account info to get answers by phone.
- Conventional loan terms extend to 40 years, which is unusually flexible.
- Offers options for high-balance mortgages.
- Offers specialized mortgages for professionals, such as doctors and lawyers, starting their careers.
- Reported average time to close (20-30 days) is faster than industry standard.
- The lender’s mobile app is focused on banking, not mortgages.
- Conventional fixed-rate mortgages require a 5% minimum down payment, higher than some competitors.
- Mortgage borrowers do not need to become members of the credit union until they’ve reached the closing process, so interested home buyers can apply without committing to membership.
- Sample rates are displayed upfront, and it's easy to get detailed, personalized rates without providing any personally identifying information.
- No application fee.
- Customer service can be difficult to access as a non-member and may require sharing personal information.
- Home equity loans are not available.
Navy Federal: NMLS#399807
National
0%
- Offers unique no-down-payment and no mortgage insurance loan options for military and civilian borrowers.
- 24/7 customer service supports borrowers stationed overseas.
- Has both home equity loans and lines of credit.
- Borrowers must join the credit union before applying for a mortgage.
- Does not offer FHA, renovation or construction loans.
- We sometimes waited longer than 10 minutes before connecting with a customer service representative.
Andrews Federal Credit Union: NMLS#410421
620
3%
- Has a robust and user-friendly tool for customized mortgage rates.
- Easy to qualify for credit union membership.
- Offers HELOCs and home equity loans.
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer less common mortgage types, like renovation or construction home loans.
- Offers mortgage options focused on affordability.
- Convenient online application.
- Offers a HELOC and construction loans.
- HELOCs are not available in every state.
- Borrowers must reach out for customized rates.
- Easy to personalize a quote and apply online.
- Can lock in a rate before you’re under contract, earlier than most lenders.
- Perks include a 1% interest rate buydown and “refinance later” cash bonus.
- Origination fees are on the higher end, according to the latest federal data.
- Online chat is available only in the logged-in experience.
- No home equity lines of credit or renovation loans.
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 loans 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 26, 2024
Frequently asked questions
- 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.
- What credit score is required for a conventional mortgage?
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.
- 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. Compare FHA vs. conventional home loans to see which one fits your needs.
- 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.
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 home loans 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 2022 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
NerdWallet's Best Conventional Mortgage Lenders of 2024
- Rate: Best for loan variety
- NBKC: Best for easy-to-browse mortgage rates
- Better: Best for loan variety
- PNC: Best for first-time home buyers
- Flagstar: Best for overall mortgage experience
- Alliant: Best for credit union lending
- Navy Federal: Best for military borrowers
- Andrews Federal Credit Union: Best for first-time home buyers
- Truist: Best for competitive mortgage rates
- Pennymac: Best for competitive mortgage rates
