14 Best Conventional Mortgage Lenders of 2022
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.
Best Conventional Mortgage Lenders
| Lender | NerdWallet rating | Min. credit score | Min. down payment | Learn more |
|---|---|---|---|---|
 New American Funding: NMLS#6606 Learn more at New American Funding | Best for nontraditional credit histories | 620 | 3% | Learn more at New American Funding |
 NASB: NMLS#400039 Learn more at NASB | Best for first-time home buyers | 620 | 3% | Learn more at NASB |
 Ally Bank: NMLS#181005 Learn more at Ally Bank | Best for digital convenience | 620 | 3% | Learn more at Ally Bank |
 NBKC: NMLS#409631 Learn more at NBKC | Best for digital convenience | 620 | 3% | Learn more at NBKC |
 Bethpage Federal Credit Union: NMLS#449104 Learn more at Bethpage Federal Credit Union | Best for credit union lending | 620 | 3% | Learn more at Bethpage Federal Credit Union |
.png) Reali Loans: NMLS#991397 Learn more at Reali Loans | Best for digital convenience | 620 | 5% | Learn more at Reali Loans |
 Better: NMLS#330511 Learn more at Better | Best for refinancing | 620 | 3% | Learn more at Better |
 Network Capital: NMLS#11712 Learn more at Network Capital | Best for variety of loan types | 620 | 3% | Learn more at Network Capital |
 Flagstar: NMLS#417490 | Best for refinancing | 620 | 3% | Read review |
 San Diego County Credit Union: NMLS#580585 | Best for rate transparency | N/A | 5% | Read review |
 Golden 1 Credit Union: NMLS#669333 | Best for rate transparency | 620 | 3% | Read review |
 LenderFI: NMLS#133056 | Best for overall mortgage experience | 620 | 3% | Read review |
 Wells Fargo: NMLS#399801 | Best for first-time home buyers | 620 | 3% | Read review |
 Alliant: NMLS#197185 | Best for variety of loan types | N/A | 3% | Read review |
at New American Funding
New American Funding: NMLS#6606
Min. credit score
620Min. down payment
3%at New American Funding
at Ally Bank
Ally Bank: NMLS#181005
Min. credit score
620Min. down payment
3%at Ally Bank
at Bethpage Federal Credit Union
Bethpage Federal Credit Union: NMLS#449104
Min. credit score
620Min. down payment
3%at Bethpage Federal Credit Union
at Reali Loans
Reali Loans: NMLS#991397
Min. credit score
620Min. down payment
5%at Reali Loans
at Network Capital
Network Capital: NMLS#11712
Min. credit score
620Min. down payment
3%at Network Capital
Flagstar: NMLS#417490
Min. credit score
620Min. down payment
3%San Diego County Credit Union: NMLS#580585
Min. down payment
5%National / regional
RegionalGolden 1 Credit Union: NMLS#669333
Min. credit score
620Min. down payment
3%LenderFI: NMLS#133056
Min. credit score
620Min. down payment
3%Wells Fargo: NMLS#399801
Min. credit score
620Min. down payment
3%Alliant: NMLS#197185
National / regional
NationalMin. down payment
3%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 April 4, 2022
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 nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 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 score a 4.5 or above according to our overall methodology and offer conventional mortgage and refinance loans.
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 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.
To recap our selections...
NerdWallet's Best Conventional Mortgage Lenders of 2022
- New American Funding: Best for nontraditional credit histories
- NASB: Best for first-time home buyers
- Ally Bank: Best for digital convenience
- NBKC: Best for digital convenience
- Bethpage Federal Credit Union: Best for credit union lending
- Reali Loans: Best for digital convenience
- Better: Best for refinancing
- Network Capital: Best for variety of loan types
- Flagstar: Best for refinancing
- San Diego County Credit Union: Best for rate transparency
- Golden 1 Credit Union: Best for rate transparency
- LenderFI: Best for overall mortgage experience
- Wells Fargo: Best for first-time home buyers
- Alliant: Best for variety of loan types
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.
