12 Best Conventional Mortgage Lenders of 2025
See NerdWallet's top picks for the best conventional mortgage lenders, many of which offer 97% mortgage financing.
Last updated on December 16, 2025
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Written by
Lead Writer/SpokespersonEdited by
Head of Content, Home LoansFact Checked
Fact Checked
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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.
Why trust NerdWallet
Why trust NerdWallet
- 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.
Why trust NerdWallet
Why trust NerdWallet
- 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.
12 Best Conventional Mortgage Lenders of 2025
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Lender | NerdWallet Rating | Min. credit score | Min. down payment | Learn more |
|---|---|---|---|---|
620 | 3% | |||
620 | 3% | |||
620 | 3% | |||
600 | 3% | |||
N/A | 5% | |||
620 | 3% |
Rate: Best for lower credit borrowers
Min. credit score
620
Min. down payment
3%
- Why we like itRate boasts a streamlined application process, with full underwriting in as little as one business day — though for all its online conveniences, you'll still work with a human.Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a fixed-rate HELOC that can be funded in as few as five business days.
ConsRead full review- Some affordable loan options have income limits or other restrictions.
- Details of less common loan types aren't available on the lender's website.
- HELOC requires immediate, full withdrawal of funds, though there is an option to make additional draws.
Andrews Federal Credit Union: Best for Mid-Atlantic borrowers
Min. credit score
620
Min. down payment
3%
- Why we like itAndrews Federal Credit Union is on the smaller side, but offers big value through low rates and fast closings. Its online rate quote tool is exceptionally informative. Renovation loans aren’t available, and the lender tells us VA and FHA loans aren’t a priority.Pros
- Offers free, one-time “float down” if mortgage rates drop while your loan is in progress.
- Average time to close is 28 days, faster than the national average.
- Online rate tool is exceptionally user-friendly and detailed.
ConsRead full review- No renovation loans.
- VA and FHA loans aren’t a priority.
- U.S. branches limited to Maryland, Virginia, Washington, D.C. and New Jersey.
PNC Bank: Best for overall mortgage experience
Min. credit score
620
Min. down payment
3%
- Why we like itPNC Bank has solid options for budgets large and small. Though average interest rates are on the high side, its wide selection of loans (even for lower credit scores) could be a good pick for first-time home buyers seeking a streamlined digital experience.Pros
- Solid variety of mortgage types, both standard and harder-to-find.
- Online rate quotes are informative and easy to customize.
- Offers down payment grants and no-PMI loans for low-income borrowers.
ConsRead full review- Some of the highest average interest rates of all lenders we review.
- HELOC and construction/lot loans not available in all states.
- In-person service not available in all states.
Flagstar: Best for first-time home buyers
Min. credit score
600
Min. down payment
3%
- Why we like itFlagstar Bank stands out for having a wide variety of home loan options, including harder-to-find products. But take note that Flagstar has reduced its mortgage business as part of corporate restructuring. Executives have indicated that the lender will rebuild its home lending operations by focusing on the needs of banking clients.Pros
- Offers down payment assistance programs to borrowers in qualifying areas.
- Reported average time to close is 30 days, faster than the national average.
- Conventional loan terms extend to 40 years, which is unusually flexible.
ConsRead full review- Branches are only available in nine states.
- Interest rates and fees don’t stand out among competitors.
- Sold its mortgage servicing business last year, meaning you’re likely to make payments with a different company.
Navy Federal: Best for active military and veterans
Min. down payment
5%
National / regional
National
- Why we like itNavy Federal is known for VA lending, but its flexible VA-like loan options truly stand out. You'll need a military connection to join the credit union.Pros
- Offers unique no-down-payment and no-mortgage-insurance loan options for military and civilian members.
- 24/7 customer service supports borrowers stationed overseas.
- Has both home equity loans and lines of credit.
ConsRead full review- Borrowers must join the credit union before applying for a mortgage, and all borrowers on the loan must be members for the loan to close.
- Does not offer FHA, renovation or construction loans.
Veterans United: Best for active military and veterans
Min. credit score
620
Min. down payment
3%
- Why we like itVeterans United originates more VA mortgages than any other lender. Though average fees are on the higher side, it’s a solid pick for veterans and military borrowers looking for a VA loan with ample support along the way.Pros
- Offers a range of VA mortgages, including refinance, energy-efficient and jumbo.
- 24/7 customer service line supports servicemembers stationed internationally.
- Average time to close is 34 days, faster than the national average.
ConsRead full review- Average origination fee is on the higher side, according to the latest federal data.
- Website doesn’t have online chat.
- No renovation loans.
U.S. Bank: Best for borrower assistance
Min. credit score
620
Min. down payment
3%
- Why we like itU.S. Bank offers a broad selection of mortgages, including some niche options. Rates and fees are middle of the road, per federal data. The bank offers helpful tech for rate shopping and live chat, though its online application could be smoother.Pros
- Wide variety of mortgages, including some harder-to-find types.
- Experienced in construction and renovation loans.
- Offers up to $17,500 in assistance (income/location requirements apply).
ConsRead full review- Rates shown online don’t reflect your credit score.
- Contact form interrupts online application before you can complete it.
- Few mortgage options for borrowers with low/bad credit.
State Employees' Credit Union: Best for North Carolina borrowers
Min. credit score
N/A
Min. down payment
0%
- Why we like itState Employees’ Credit Union in North Carolina is worth checking out for those in the Southeast who meet its narrow membership criteria — especially first-time home buyers eligible for generous grants and specialty loans. But it doesn’t offer government-backed mortgages.Pros
- Offers a zero-down mortgage without private mortgage insurance.
- Participates in multiple first-time buyer assistance programs.
- Low average mortgage rates, according to the latest federal data.
ConsRead full review- Credit union membership eligibility is limited.
- Loans only available in five states.
- Doesn’t offer government-backed mortgages.
First Federal Bank: Best for low average mortgage rates
Min. credit score
620
Min. down payment
3%
- Why we like itFirst Federal Bank stands out for its exceptionally low interest rates and its emphasis on government loans. Most likely to appeal to borrowers shopping for low rates and fees.Pros
- Strong experience in FHA and VA lending.
- Average mortgage rates are on the low side, according to the latest federal data.
- Minimum credit score requirement of 580 for some loans, which is lower than some competitors.
ConsRead full review- No mobile app.
- Home equity lending is not a priority.
- Does not offer renovation loans, but does offer construction loans.
Golden 1 Credit Union: Best for California borrowers
Min. credit score
N/A
Min. down payment
3%
- Why we like itGolden 1, a California-based credit union, dedicates a significant portion of its business to jumbo loans — useful for those navigating the state’s high home prices. However, VA and USDA loans aren’t available.Pros
- Maximizes first-time buyer assistance with in-house and statewide funds.
- Offers a closing cost discount when using their real estate agent network.
- Interest rate discounts available to some account holders.
ConsRead full review- Membership is mostly limited to California residents.
- No VA or USDA loans.
- HELOCs, but no home equity loans.
SoFi: Best for SoFi customers
Min. credit score
620
Min. down payment
3%
- Why we like itSoFi offers perks for existing customers, including a discount on closing costs and accessible customer support. The site primarily highlights conventional home loan offerings, so borrowers looking for other loan types may need to reach out directly for more details.Pros
- Interest rates are on the lower side, according to the latest federal data.
- Conventional loan borrowers can choose between a 10-, 15-, 20- or 30-year term.
- HELOC borrowers may access up to 90% of their home equity.
ConsRead full review- Sample mortgage interest rates are shown for conventional purchase and refinance loans, but not for other loan types.
- For customized mortgage rates, you have to provide your contact information.
- - Online details on some loan products are scant.
Truist: Best for fast closing
Min. credit score
620
Min. down payment
3%
- Why we like itIf you prefer people to tech, Truist might be a good fit for you. Preapproval and customer care happen mostly offline, and for details on less-common loan types or custom rates you'll need to talk to a person. Despite the human touch, customer satisfaction ratings are notably low.Pros
- Offers a wide range of mortgage options focused on affordability.
- Convenient online application.
- Generous grants for qualifying home buyers in select locations.
ConsRead full review- Getting custom rates and applying for mortgage preapproval both require human contact.
- Customer care leans heavily on phone and in-person service.
- HELOCs are not available in most states, though home loans are available everywhere in the U.S. except Alaska, Arizona and Hawaii.
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 December 16, 2025
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 require at least a 3.5% down payment and mandatory mortgage insurance that can last 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.
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 40 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 2024 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
