Best of
9 Best Conventional Mortgage Lenders of 2019
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See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.
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 | borrowers with weak credit | 620 | 3% | Read review |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
NBKC at NBKC Bank | refinancing | 620 | 3% | at NBKC Bank |
![]() Guaranteed Rate | online experience | 620 | 3% | Read review |
![]() Citibank | 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 | borrowers with weak credit | 620 | 3% | Read review |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
NBKC at NBKC Bank | refinancing | 620 | 3% | at NBKC Bank |
![]() Guaranteed Rate | online experience | 620 | 3% | Read review |
![]() Citibank | first-time home buyers + face-to-face service | N/A | 3% | Read review |
![]() Bank of America | face-to-face service | 620 | 3% | Read review |
at Quicken Loans
Quicken Loans: NMLS#3030

Min. Credit Score
Min. Down Payment
at Quicken Loans
at New American
New American Funding: NMLS#6606
Min. Credit Score
Min. Down Payment
at New American
at Rocket Mortgage
Rocket Mortgage: NMLS#3030

Min. Credit Score
Min. Down Payment
at Rocket Mortgage
at Reali Loans
Reali Loans: NMLS#991397
.png)
Min. Credit Score
National / Regional
at Reali Loans
at NBKC Bank
NBKC: NMLS#409631

Min. Credit Score
Min. Down Payment
at NBKC Bank
Guaranteed Rate: NMLS#2611

Min. Credit Score
Min. Down Payment
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.
» 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 October 25, 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
- NBKC: Best for refinancing
- Guaranteed Rate: Best for online experience
- Citibank: Best for first-time home buyers + face-to-face service
- Bank of America: Best for face-to-face service