10 Best Conventional Mortgage Lenders of 2024
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.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
10 Best Conventional Mortgage Lenders of 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
620 | 3% | Top 3 most visited 🏆 Learn more at Guaranteed Rate | ||
620 | 3% | |||
620 | 3% | Learn more at Better | ||
 PNC: NMLS#446303 LEARN MORE on NerdWallet | 620 | 3% | LEARN MORE on NerdWallet | |
 Flagstar: NMLS#417490 LEARN MORE on NerdWallet | N/A | 5% | LEARN MORE on NerdWallet | |
 Alliant: NMLS#197185 LEARN MORE on NerdWallet | N/A | 3% | LEARN MORE on NerdWallet |
Guaranteed Rate: NMLS#2611
620
3%
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
- 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.
- HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
- Offers a one-day mortgage that lets eligible borrowers apply, lock in a rate and get a loan commitment within 24 hours.
- Average interest rates are on the low end compared to other lenders, according to the latest federal data.
- Offers a HELOC that can be used for a primary, second or investment home.
- Doesn't offer harder-to-find loans, such as construction loans, renovation loans, or USDA mortgages.
- Finding descriptions of all of the loan offerings on the website requires some digging, and the lender does not have a mobile app.
- Average lender fees are on the high end compared with other lenders, according to the latest federal data.
- Offers several low-down-payment loan options, including FHA, VA, USDA and the PNC Community Loan.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Mortgage rates are lower than the industry average, according to the latest federal data.
- Jumbo loans available with 5% down payment.
- Doesn't offer renovation mortgages or home equity loans.
- In-person service is not available in every state.
- You’ll have to create an account or supply personal data to get answers by phone.
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
- Borrowers can apply entirely online. The lender is also very transparent about what borrowers can expect from the process, including nontraditional customers.
- Borrowers do not need to become members of the credit union until they’ve reached the closing process, meaning that interested home buyers can apply and get rate offers without committing to membership.
- Offers customized rate quotes, including a detailed breakdown of estimated closing costs.
- Doesn’t offer renovation loans.
- Joining the credit union adds a step to the application process.
Navy Federal: NMLS#399807
National
0%
- Offers unique loan options aimed at military borrowers, such as a proprietary loan called Military Choice that works as an alternative to VA loans.
- 24/7 customer service supports borrowers stationed overseas.
- Offers home equity loans and lines of credit.
- Borrowers must join the credit union before applying for a mortgage.
- The lender does not offer renovation or construction loans.
- When we tried their customer service line, we sometimes waited longer than 10 minutes before being connected with a representative who could answer our questions.
Andrews Federal Credit Union: NMLS#410421
620
3%
- Caters to first-time home buyers with incentives and education.
- Provides extra support for military borrowers, including branches near bases in Germany, Belgium and the Netherlands.
- Offers HELOCs and home equity loans at competitive interest rates.
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer renovation or construction home loans.
- Offers a wide variety of loan options, including construction loans, programs for early career doctors, a wide variety of jumbo loans and home equity lines of credit.
- Proprietary grant program can help borrowers afford down payment and closing costs.
- Mortgage rates are lower than industry average, according to the latest federal data.
- Customized rates aren't available online without contacting the lender.
- For borrowers who prefer to apply in person, branches are limited mostly to the South and East.
- Mortgages aren’t available in all 50 states.
- Rates are on the low side, according to the latest federal data.
- An online tool makes it easy to customize a rate quote online, with no contact information required.
- “Lock & Shop” lets you secure a rate for up to 90 days while you house-hunt, and switch to a lower one if rates drop while you shop.
- Origination fees are on the higher end, according to the latest federal data.
- Doesn't offer home equity lines of credit or renovation loans.
- Online chat is available only in the logged-in experience.
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 loans 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 26, 2024
Frequently asked questions
- 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.
- What credit score is required for a conventional mortgage?
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.
- 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. Compare FHA vs. conventional home loans to see which one fits your needs.
- 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.
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 home loans 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 2022 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
NerdWallet's Best Conventional Mortgage Lenders of 2024
- Guaranteed Rate: Best for loan variety
- NBKC: Best for easy-to-browse mortgage rates
- Better: Best for loan variety
- PNC: Best for first-time home buyers
- Flagstar: Best for overall mortgage experience
- Alliant: Best for credit union lending
- Navy Federal: Best for military borrowers
- Andrews Federal Credit Union: Best for first-time home buyers
- Truist: Best for competitive mortgage rates
- Pennymac: Best for competitive mortgage rates
