Quick highlights
- Down payment as low as 3%
- No upfront mortgage insurance premium
- PMI drops off automatically at 78% LTV
- Available for primary, second homes, and investment
- Wide range of loan amounts and terms
- Better rates for stronger credit profiles
Conventional vs. FHA — which is better?
For credit scores above ~680 and stable income, conventional usually beats FHA on total cost because PMI eventually drops off and there's no upfront insurance premium. For lower credit scores or thin credit histories, FHA often wins. We'll model both to see which costs you less over the years you plan to keep the loan.
What's the minimum down payment?
3% for first-time buyers through programs like Fannie Mae's HomeReady or Freddie Mac's Home Possible. 5% is the typical minimum otherwise. 20% down eliminates PMI from day one.
Conforming vs. jumbo
Conventional loans are 'conforming' if they fall under the limits set annually by Fannie Mae and Freddie Mac. Loans above the conforming limit are jumbo loans, which have stricter requirements. For most Texas counties, the 2026 conforming limit is well into the $700K range.
Ready to see what you qualify for?
Every situation is different. Let's talk through your specific scenario and shop it across our lender network for the best terms.