CONVENTIONAL LOANS · VIRGINIA, DC AND MARYLAND
Good credit should buy you a cheaper loan.
A conventional loan rewards steady pay, a solid credit score and savings. The mortgage insurance comes off. Second homes and rentals qualify. We find the lender that prices you best.
No credit check to start.
A conventional loan fits if…
- Your credit score is 620 or higher
- You can put 3% down on a first home or 5% on any other home you will live in
- You want mortgage insurance that ends, not insurance for life
- You are buying a second home or a rental
- Your employer can confirm your pay in writing
Licensed mortgage broker · NMLS 179997 · Vienna, Virginia office
THE PROBLEM
Most buyers qualify. Few get the best price.
A conventional loan follows rules set by Fannie Mae and Freddie Mac. The rules are the same everywhere, but the price is not. Your score, your down payment and your lender decide what you pay. Small changes move the rate.
- Your score sits a few points under a pricing tier and nobody tells you
- Your private mortgage insurance quote comes from one insurer only
- Bonus or overtime pay gets left out of your income
- Your loan lands just over the conforming loan limit and gets priced as a jumbo
- A rental you own counts as a debt with no income against it
WHO IT FITS
Which one of these is you?
These six buyers usually come out ahead.
01 · FIRST HOME
“I have good credit but only 3% saved”
First time buyers can put 3% down. With a strong score, the monthly cost can beat FHA. See our first time home buyer loans.
02 · NO INSURANCE
“I have 20% down and want no mortgage insurance”
Put 20% down and there is no private mortgage insurance at all.
03 · SECOND HOME
“I want a place at the lake or the beach”
Second homes qualify with 10% down. Read our guide to second home loans.
04 · RENTAL
“I am buying a rental to grow my income”
Investment homes qualify with 15% to 25% down. If your income is hard to show, a DSCR loan may fit better.
05 · WRITTEN PROOF
“My employer can confirm my pay in writing”
A written verification of employment from your employer can replace pay stubs and W2s on many files.
06 · JUST OVER THE LINE
“My price is above the usual loan limit”
In the DC area a high balance conventional loan goes well past the national limit before you need a jumbo loan.
WHAT IT TAKES
Three percent down works. Twenty saves the most.
Most lenders want a credit score of 620 or higher for a conventional loan. Your monthly debts usually need to stay under about half of your gross income. Put less than 20% down and you pay private mortgage insurance until you build enough equity.
The down payment
Your down payment can be 3% on a first home and 5% on any other home you will live in. On a $500,000 home, 5% is $25,000. See our down payment basics.
The credit score
620 is the floor. Pricing improves at each step up to about 780. Read how your credit score shapes your loan.
The mortgage insurance
Private mortgage insurance drops off on its own when your balance reaches 78% of the original value. You can ask to remove it at 80%.
The loan limit
The 2026 conforming loan limit is $832,750 for most of the country. In Northern Virginia, DC and nearby Maryland it rises to $1,249,125 for a one unit home.
OUR PART
A bank has one answer. We have several.
SAI Mortgage is a mortgage broker. We price your conventional loan with several lenders and mortgage insurers, then show you the trade between rate, points and insurance in plain numbers.
01
We check your score against the price tiers
If 20 more points would drop your rate, we tell you how to get them before you lock.
02
We shop the mortgage insurance
Insurers charge different prices for the same buyer. We compare quotes so you do not overpay every month.
03
We count all of your income
Bonus, overtime and rental income can count with the right records. We find the lender that reads them correctly.
04
We compare 10%, 15% and 20% down
Keeping cash in the bank sometimes costs less than you think. We also show you when buying points pays off.
HOW IT WORKS
Three steps. That is it.
You can start with a phone call and no formal credit check.
01
Tell us how you get paid
Pay stubs and W2s or a written verification of employment. Paid by deposits? See our bank statement loans.
02
We shop it for you
We compare lenders and insurers and come back with one clear quote and a closing date.
03
You get the keys
We handle the appraisal, the conditions and the closing with your agent.
WHERE WE LEND
Licensed in Virginia, DC and Maryland.
We work from our Vienna office and close loans across all three.
Northern Virginia
Maryland
Washington, DC
STRAIGHT ANSWERS
What people ask us first.
What are the conventional loan requirements?
Most lenders want a credit score of 620 or higher, at least 3% down on a first home, steady income and debts that fit your pay. The home must appraise at or above the price.
Is a conventional loan better than FHA?
With strong credit and 5% or more down, a conventional loan often costs less because its insurance comes off. With a lower score, an FHA loan can be cheaper each month. See FHA vs conventional.
How do I get rid of private mortgage insurance?
Pay your balance down to 80% of the original value and ask your servicer to remove it. It ends on its own at 78%. Learn how much PMI costs.
Can I use a conventional loan for a rental or second home?
Yes. Second homes start at 10% down and one unit rentals at 15%. Two to four unit rentals need 25%.
What is a written verification of employment?
It is a form your employer fills out to confirm your job, your pay and how long you have worked there. Many lenders accept it in place of pay stubs and W2s.
What is the conforming loan limit in Northern Virginia?
For 2026 it is $1,249,125 for a one unit home in most of Northern Virginia, DC and nearby Maryland. Above that you need a jumbo loan.
NEXT STEP
Know your best price before you make an offer.
Send your pay stubs or just call. We will show you your rate, your mortgage insurance and your cash to close with two or three lenders.
THE SHORT VERSION
- Conventional loans start at 620 credit and 3% down on a first home.
- Mortgage insurance comes off at 78% and you can ask at 80%.
- Price depends on the lender and insurer. We compare both for you.
SAI Mortgage, Inc. NMLS 179997. Licensed in Virginia, DC and Maryland. 8000 Towers Crescent Dr, Suite 210, Vienna, VA 22182. This is not a commitment to lend. All loans are subject to credit approval, property approval and program guidelines. Rates, terms and programs can change without notice. Equal Housing Opportunity.