BEST OF
9 Best Conventional Mortgage Lenders of 2021
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 2021
Lender | NerdWallet Rating | Minimum Credit Score | Minimum Down Payment | Learn More |
---|---|---|---|---|
Best for online experience | 620 | 3% | at Rocket Mortgage by Quicken Loans | |
Best for borrowers with weak credit | 620 | 3% | at New American Funding | |
Best for refinancing | 620 | 3% | at NBKC | |
Best for first-time home buyers | 620 | 3% | at Quicken Loans | |
Best for online experience | 620 | 3% | at Guaranteed Rate | |
Best for online experience | 620 | 3% | at Ally Bank | |
Best for refinancing | 620 | 5% | at Reali Loans | |
Best for first-time home buyers + face-to-face service | N/A | 3% | Read review | |
Best for face-to-face service | 620 | 3% | Read review |
at Rocket Mortgage by Quicken Loans
Rocket Mortgage by Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Rocket Mortgage by Quicken Loans
at New American Funding
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
at New American Funding
at NBKC
NBKC: NMLS#409631
Min. Credit Score
Min. Down Payment
at NBKC
at Quicken Loans
Quicken Loans: NMLS#3030
Min. Credit Score
Min. Down Payment
at Quicken Loans
at Guaranteed Rate
Guaranteed Rate: NMLS#2611

Min. Credit Score
Min. Down Payment
at Guaranteed Rate
at Ally Bank
Ally Bank: NMLS#181005

Min. Credit Score
Min. Down Payment
at Ally Bank
at Reali Loans
Reali Loans: NMLS#991397
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Min. Credit Score
National / Regional
at Reali Loans
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 February 26, 2021
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 2021
- Rocket Mortgage by Quicken Loans: Best for online experience
- New American Funding: Best for borrowers with weak credit
- NBKC: Best for refinancing
- Quicken Loans: Best for first-time home buyers
- Guaranteed Rate: Best for online experience
- Ally Bank: Best for online experience
- Reali Loans: Best for refinancing
- Citibank: Best for first-time home buyers + face-to-face service
- Bank of America: Best for face-to-face service