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.
Borrowers with 740+ credit scores get the most competitive interest rates available.
Unlike FHA, conventional loans have no upfront MIP — keeping your closing costs lower.
Finance condos, townhomes, multi-family (2–4 units), and investment properties.
Once you reach 20% equity, PMI is automatically cancelled — FHA MIP is permanent.
Conventional loans often close faster than government-backed loans with fewer requirements.
Loan amounts above conforming limits are available as jumbo conventional products.
Conventional loans follow guidelines set by Fannie Mae and Freddie Mac, which purchase loans from lenders on the secondary market. This system provides liquidity to lenders and keeps interest rates competitive. With less than 20% down, you'll pay private mortgage insurance (PMI), which typically costs 0.5%-1% of the loan amount annually. Once you reach 20% equity through payments or appreciation, you can request PMI removal. Conventional loans offer the most flexibility in property types and can be used for primary residences, second homes, or investment properties.
Homeowners selling their current home and buying up — conventional financing offers the flexibility and speed you need.
If your credit score is 680+ and you have a solid down payment, conventional loans offer the lowest long-term cost.
Purchasing a rental property or second home? Conventional is typically the best financing option.
Unlike FHA loans, conventional loans allow you to eliminate mortgage insurance once you reach 20% equity.
Get answers to common questions about conventional loans.
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.
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.
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.
The 2026 conforming loan limit is $806,500 for most counties in Washington and Idaho. Higher-cost areas may have higher limits.
Typically 21–30 days from application to closing, though Q Home Loans often closes in as few as 14 days for well-prepared buyers.
Explore other financing options that may fit your situation.
In-depth guides and articles related to conventional loans.
Q Home Loans specializes in conventional loans for homebuyers and investors in Washington. Get expert guidance and competitive rates.