BEST OF

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.

By NerdWallet  

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.

» MORE: Conventional mortgage requirements

Best Conventional Mortgage Lenders

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

Min. credit score

N/A

Min. down payment

3%

Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Offers a home equity line of credit, or HELOC.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Doesn't offer government-backed mortgages, like FHA or VA loans.

  • Mortgage origination fees are on the high side, according to the latest federal data.

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Better
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Better: NMLS#330511

5.0

NerdWallet rating 
Better

Min. credit score

620

Min. down payment

3%

Why we like it

Good for: tech-savvy borrowers who prefer an online experience.

Pros

  • Offers a program allowing qualifying buyers to make cash offers.

  • Makes it easy to see customized mortgage rates.

  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.

Cons

  • Doesn’t offer USDA loans.

  • VA loans are not available in every state.

  • Doesn't offer home equity loans.

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Carrington
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Carrington: NMLS#2600

4.5

NerdWallet rating 
Carrington

Min. credit score

620

Min. down payment

5%

Why we like it

Good for: first-time home buyers or credit-challenged borrowers interested in government loan products.

Pros

  • Offers multiple low-down-payment loan programs.

  • May consider alternative credit data, such as bank statements.

  • You can view customized rates for purchasing a home and apply online.

Cons

  • Doesn't offer home equity lines of credit.

  • Lender fees are on the high side, according to the latest federal data.

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Flagstar
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Flagstar: NMLS#417490

4.5

NerdWallet rating 
Flagstar

Min. credit score

620

Min. down payment

3%

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Borrowers can apply and track loan status online.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

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Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

4.5

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

N/A

Min. down payment

3%

Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Guaranteed Rate

Min. credit score

620

Min. down payment

3%
Learn more

at Guaranteed Rate

Why we like it

Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience.

Pros

  • Displays detailed sample rates for many of its loan products.

  • Offers a wide variety of loans, including jumbo and interest-only products.

  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.

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Navy Federal
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Navy Federal: NMLS#399807

4.5

NerdWallet rating 
Navy Federal

National / regional

National

Min. down payment

0%

Why we like it

Good for: military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.

  • Offers HELOCs and home equity loans.

  • Offers low rates compared with most lenders, according to the latest federal data.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

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NBKC
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at NBKC

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

Min. credit score

620

Min. down payment

3%
Learn more

at NBKC

Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.

  • Offers low rates and fees compared with other lenders, according to the latest federal data.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

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New American Funding
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at New American Funding

New American Funding: NMLS#6606

4.5

NerdWallet rating 
New American Funding

Min. credit score

620

Min. down payment

3%
Learn more

at New American Funding

Why we like it

Good for: First-time home buyers and other borrowers looking for a broad array of loan choices.

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.

  • Its home equity line of credit can be used for an owner-occupied or second home.

  • Offers a program to enable buyers to make cash offers.

Cons

  • Mortgage origination fees tend to be on the high end, according to the latest federal data.

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PNC
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PNC: NMLS#446303

5.0

NerdWallet rating 
PNC

Min. credit score

620

Min. down payment

3%

Why we like it

Good for: borrowers with low-to-moderate incomes or limited down payments. PNC offers several low-down-payment loans, including one with no mortgage insurance.

Pros

  • Posts current mortgage rates on its website.

  • Offers several affordable loan options, including FHA, VA, USDA and the PNC Community Loan.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

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San Diego County Credit Union
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San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional

Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA or USDA mortgages.

  • Loans are available only in California.

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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 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

Frequently asked questions