Best of
Best Conventional Mortgage Lenders of 2019
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See NerdWallet's top picks for the best conventional mortgage lenders. Learn basic requirements and how to choose the lender that's right for you.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
- Instantly verifies employment and income for more than 60% of working Americans.
- Offers custom fixed-rate loan terms that are between eight and 30 years.
- Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
at Vylla
at Vylla
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Low minimum credit score.
- Online application, loan tracking and document upload.
- Free rate locks.
Cons
- No online preapproval.
- No presence in Massachusetts or North Dakota.
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at Reali Loans
at Reali Loans
Min. Credit Score
620
National / Regional
Regional
Pros
- No upfront origination or broker fees.
- A shorter, more transparent refinance process.
- Online platform lets you track your refinance every step of the way.
Cons
- No FHA, VA or USDA refinance products.
- Account required to see personalized refinance rates.
at Chase
at Chase
Min. Credit Score
620
National / Regional
National
Pros
- Fixed- and adjustable-rate refinance options.
- Aims to close all refinance transactions in 60 days or less.
- Customized rate quotes available online without providing personal info.
Cons
- Physical locations not available in all states.
- Charges an origination fee as well as other third-party fees for refinances.
- You must speak with a mortgage banker to be approved.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
National / Regional
National
Min. Down Payment
3%
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Summary of Best Conventional Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
New American Funding at New American | borrowers with weak credit | 620 | 3% | at New American |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Vylla at Vylla | borrowers with weak credit | 620 | 3% | at Vylla |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
Chase at Chase | refinancing | 620 | 3% | at Chase |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Citibank Mortgage | first-time home buyers + face-to-face service | N/A | 3% | Read review |
 Bank of America | face-to-face service | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | first-time home buyers | 620 | 3% | at Quicken Loans |
New American Funding at New American | borrowers with weak credit | 620 | 3% | at New American |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
Vylla at Vylla | borrowers with weak credit | 620 | 3% | at Vylla |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
Chase at Chase | refinancing | 620 | 3% | at Chase |
Guaranteed Rate | online experience | 620 | 3% | Read review |
Citibank Mortgage | first-time home buyers + face-to-face service | N/A | 3% | Read review |
Bank of America | face-to-face service | 620 | 3% | Read review |
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.
» MORE: Understanding conventional mortgages
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.
» MORE: Use our down payment calculator to see if you’ve saved enough
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: 5 tips for finding the best mortgage lender
More from NerdWallet
Last updated on August 14, 2019
Methodology
To recap our selections...
NerdWallet's Best Conventional Mortgage Lenders of 2019
- Quicken Loans: Best for first-time home buyers
- New American Funding: Best for borrowers with weak credit
- Rocket Mortgage: Best for online experience
- Vylla: Best for borrowers with weak credit
- Reali Loans: Best for refinancing
- Chase: Best for refinancing
- Guaranteed Rate: Best for online experience
- Citibank Mortgage: Best for first-time home buyers + face-to-face service
- Bank of America: Best for face-to-face service
