Conventional Home Loans in Ohio — 3% & 5% Down

 More Property Options. Competitive Terms. Local Guidance. 

 Conventional loans offer qualified first-time and repeat buyers flexible down-payment options, competitive fixed rates and financing for primary residences, second homes and investment properties. Concorde Mortgage compares multiple lenders to help you choose the right structure for your plans. 

 Conventional Home Loan Benefits 

 Conventional financing offers flexibility in down payments, loan terms and eligible property types. It can be a strong option for buyers with established credit and stable finances. 

• 3% and 5% down options for qualified buyers 
• Competitive fixed-rate mortgage options 
• Financing for primary residences, second homes and investment properties 
• Multiple loan terms and structures 
• Private mortgage insurance may be canceled after applicable requirements are met 
• Purchase and refinancing options

 Who Qualifies for a Conventional Home Loan? 

 Conventional loan eligibility depends on your credit history, income, monthly debts, available funds, property type and intended occupancy. Requirements vary by lender and loan program. 

• Stable, verifiable income 
• Acceptable credit history 
• Manageable debt-to-income ratio 
• Funds for the required down payment and closing costs 
• Financial reserves when required 
• An eligible property and occupancy type

 A stronger overall financial profile may provide access to more competitive rates and terms, but no single credit score determines every borrower’s options. 

 Understanding Private Mortgage Insurance 

 Conventional loans with less than 20% down commonly require private mortgage insurance, or PMI. PMI affects the monthly payment but allows qualified buyers to purchase with considerably less than 20% down. 

• PMI cost varies by credit profile, down payment and loan structure 
• PMI protects the lender, not the borrower 
• PMI may be canceled after applicable loan-balance, payment-history and property-value requirements are met 
• A loan officer can compare the cost of PMI against other financing options

 Conventional Loan FAQ 

Do I need 20% down?
No. Qualified buyers may have conventional options with as little as 3% or 5% down.

Can conventional PMI be removed?
It may be canceled after applicable loan-balance, payment-history and property-value requirements are met.

Can I use a conventional loan for a second home or investment property?
Yes. Conventional financing offers options for primary residences, second homes and qualifying investment properties.

Is conventional financing better than FHA?
It depends on your credit, debts, down payment and long-term plans. Comparing the total costs of both options is more useful than choosing by loan name alone.