Conventional Loans

Conventional loans are the most widely used mortgage product in the United States, offering flexible terms, competitive rates, and broad eligibility for a wide range of borrowers and property types. Unlike government-backed loans (FHA, VA, USDA), conventional loans follow guidelines set by Fannie Mae and Freddie Mac and are available through private lenders like Q Home Loans. For 2026, the conforming loan limit is $832,750 in most counties — meaning the vast majority of Spokane-area purchases qualify for conventional financing. Contact Q Home Loans to compare conventional options side-by-side with FHA, VA, and other programs.

Program Benefits

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Best Rates for Strong Credit

Borrowers with 740+ credit scores get the most competitive interest rates available.

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No Upfront Mortgage Insurance

Unlike FHA, conventional loans have no upfront MIP — keeping your closing costs lower.

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Wider Property Types

Finance condos, townhomes, multi-family (2–4 units), and investment properties.

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Cancel PMI Over Time

Once you reach 20% equity, PMI is automatically cancelled — FHA MIP is permanent.

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Faster Closing

Conventional loans often close faster than government-backed loans with fewer requirements.

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Jumbo-Eligible

Loan amounts above conforming limits are available as jumbo conventional products.

Requirements

Basic Qualifications

✓Minimum 620 credit score (680+ for best rates)
✓Debt-to-income ratio typically under 45%
✓Down payment of 3%–20% depending on program
✓Stable employment history (2+ years preferred)
✓Property must meet conventional appraisal standards
✓PMI required if down payment is less than 20%

Required Documents

✓Last 2 years W-2s and tax returns
✓Last 30 days pay stubs
✓Last 2 months bank statements
✓Government-issued photo ID
✓Signed purchase agreement (for purchases)
✓Homeowners insurance quote

Frequently Asked Questions

Get answers to common questions about conventional loans.

What credit score do I need for a conventional loan?

Most lenders require a minimum 620 credit score, but you'll get the best rates with a 740+ score. Q Home Loans works with borrowers across the credit spectrum.

How is a conventional loan different from FHA?

Conventional loans are not government-backed and typically require better credit, but offer lower long-term costs for qualified buyers — no permanent mortgage insurance and no upfront MIP.

Can I put less than 20% down on a conventional loan?

Yes. You can put as little as 3% down with certain programs. You'll pay PMI until you reach 20% equity, but it's cancellable — unlike FHA mortgage insurance.

What is the conventional loan limit in Washington state?

The 2026 conforming loan limit is $806,500 for most counties in Washington and Idaho. Higher-cost areas may have higher limits.

How long does it take to close a conventional loan?

Typically 21–30 days from application to closing, though Q Home Loans often closes in as few as 14 days for well-prepared buyers.

Q Home Loans | Trusted Mortgage Lender in Spokane, WA & Pacific Northwest