Looking for a straightforward loan with competitive rates and customizable terms? A Conventional Loan may be your perfect fit. Whether you're buying your first home or upgrading for your growing family, these loans offer flexibility with as little as 3% down, and the potential to save money by avoiding mortgage insurance with a higher down payment. Our mortgage planners make the process simple, guiding you every step of the wa —so you feel confident, informed, and in control of your future.
Looking for competitive rates and customizable terms? Conventional home loans may be your perfect fit. Whether you are a first time home buyer using a conventional loan or upgrading for a growing family, The Mortgage Phoenix Group, one of Southern California's trusted conventional mortgage lenders, makes the process simple, guiding you every step of the way.
We proudly serve homebuyers seeking conventional home loans in Los Angeles and Riverside, helping families across Southern California rise above and achieve their homeownership dreams.
A conventional mortgage loan is any mortgage not insured or guaranteed by a government agency like the FHA, VA, or USDA. These loans are originated by private lenders, conventional mortgage lenders like The Mortgage Phoenix Group, and typically sold to government-sponsored enterprises like Fannie Mae or Freddie Mac.
The conventional mortgage loan path represents traditional mortgage financing: the kind most people imagine when thinking of a home loan. These mortgages follow standardized guidelines that have evolved over decades to serve mainstream homebuyers effectively across markets like Los Angeles and Riverside.
Conventional mortgage programs are governed by guidelines set primarily by Fannie Mae and Freddie Mac. These standards ensure consistency across the mortgage industry while protecting both borrowers and lenders. Key aspects include standardized qualification criteria, property eligibility requirements, documentation standards, loan structure parameters, and occupancy requirements.
Understanding these programs helps you prepare for the application process and set realistic expectations, whether you are in Los Angeles CA or the Riverside area.
When evaluating your eligibility, conventional mortgage lenders look at several key factors.
Credit Score: The minimum credit score for most conventional home loans is 620, though borrowers with scores of 700 or above typically unlock the best rates and terms.
Income and Employment: Lenders generally want two years of steady employment, consistent or increasing income, and reasonable job stability. Self-employed borrowers can qualify with additional documentation.
Down Payment: Conventional mortgage programs start with as little as 3% down for qualified buyers, though 5% is more common. A larger down payment can eliminate private mortgage insurance (PMI) and lower your rate.
Debt-to-Income Ratio: Most conventional mortgage loan programs allow a maximum DTI of up to 50%, depending on your credit profile and lender guidelines.
Many people do not realize how accessible a conventional loan for first time home buyers can be. First time home buyers using a conventional loan can take advantage of down payments as low as 3%, flexible credit requirements, down payment assistance programs, reduced mortgage insurance options, and first-time buyer education credits.
Whether you are looking for conventional home loans in Los Angeles, conventional home loans in Los Angeles CA, or conventional loans in Riverside, our team helps first time home buyers structure a conventional loan that fits their budget and long-term goals. A first time buyer conventional loan combined with strategic planning can make homeownership achievable much sooner than expected.
Conventional home loans are subject to loan limits that vary by county. For 2025, the standard conforming limit is $806,500 in most areas, with high-cost areas like Los Angeles County reaching up to $1,209,750. Riverside County limits reflect local home values and are updated annually. Properties exceeding these limits require a jumbo loan with different qualification standards.
Your conventional mortgage loan rate is shaped by your credit score, down payment amount, loan term, loan-to-value ratio, property type, and overall financial profile. Borrowers with strong credit and larger down payments typically qualify for the most competitive rates from conventional mortgage lenders.
Conventional mortgage programs offer several advantages over government-backed options: no upfront mortgage insurance premium, PMI that can be cancelled at 20% equity, higher loan limits, more property type flexibility, and no funding fees. For well-qualified borrowers, conventional loans often deliver lower overall costs.
The potential limitations include stricter credit requirements and higher minimum down payments compared to FHA or VA programs.
We specialize in conventional home loans in Los Angeles, conventional home loans in Los Angeles CA, and conventional loans in Riverside. Whether you are purchasing in Burbank, Pasadena, Long Beach, or anywhere in Los Angeles County, or buying in Riverside, Corona, Eastvale, or the Inland Empire, our team of experienced conventional mortgage lenders is ready to help you navigate every step.
Our 7 Financial Principles for Borrowing and Lending ensure your mortgage serves your long-term financial success:
Whether you are a first time home buyer exploring a conventional loan, a move-up buyer in Los Angeles, or searching for conventional loans in Riverside, The Mortgage Phoenix Group is here to guide you with clarity and confidence.
Our process moves from initial consultation to pre-qualification, strategic loan structuring, documentation guidance, underwriting support, and closing and beyond.
Contact us today to discover why we are the smarter way to secure your conventional mortgage loan, one principle at a time.
The Mortgage Phoenix Group, Rising Above to Help You Achieve Your Homeownership Dreams NMLS #1054401 | Serving Los Angeles, Riverside, and Southern California
A loan officer will help you determine if you are in a position to buy.
Borrowers generally need a minimum credit score of 620 to qualify for a conventional loan, with better rates and terms available for higher credit scores.
A minimum of two years of consistent employment history is typically required. In some cases, 18 months may be considered sufficient.
A down payment of at least 3% is required for first-time homebuyers. For those who are not first-time buyers, the minimum down payment is 5%.
The maximum allowable DTI for conventional loans is generally up to 50%, depending on the lender’s guidelines and the borrower’s credit profile.
Conventional loans are subject to loan limits that vary by county, reflecting local home prices.
Conventional loans are not government-backed, require a minimum 620 credit score, and allow PMI to be cancelled once you reach 20% equity. FHA loans are government-insured, accept credit scores as low as 580 with 3.5% down, but require mortgage insurance for the life of the loan. Conventional loans are better for strong-credit borrowers; FHA loans are better for buyers with lower credit or smaller down payments.
A conventional home loan is a mortgage not insured by any government agency, offered by private lenders like banks and mortgage companies. These loans follow guidelines set by Fannie Mae and Freddie Mac and require a minimum 620 credit score and as little as 3% down. They can be used for primary residences, second homes, and investment properties, with PMI cancellable once you reach 20% equity.
You apply with a private lender who reviews your credit, income, and assets. If approved, you make monthly principal and interest payments for the life of the loan. If your down payment is less than 20%, PMI is added to your payment until you reach 20% equity, at which point it can be removed. Most conventional loans close in 30 to 45 days.
Conventional loan rates change daily based on market conditions, your credit score, loan term, and down payment amount. For today's most accurate rate, contact The Mortgage Phoenix Group at +1 909-324-4373 or visit themortgagephoenixgroup.com/mortgage-rates for a free, no-obligation quote with no impact on your credit score.
Many lenders offer conventional refinance loans, including national banks like Wells Fargo and Chase, online lenders like Rocket Mortgage, and local mortgage companies like The Mortgage Phoenix Group. Refinance options include rate-and-term refinance, cash-out refinance, and PMI removal refinances. Contact The Mortgage Phoenix Group at +1 909-324-4373 to compare your best refinance options.
To refinance a VA loan to a conventional loan, you'll need at least 5–20% equity, a minimum 620 credit score, and standard income documentation. Your lender will order an appraisal and process a full refinance - your VA loan is paid off and replaced with the new conventional mortgage. This is a common move for veterans who want to free up their VA entitlement for a future home purchase or convert the property to a rental. Contact The Mortgage Phoenix Group at +1 909-324-4373 to explore your options.
