Conventional Loans

For Wage Earners that can provide Latest 2 Years of Tax Returns + W2s, and latest 30 days of paystubs.

A conventional loan is a popular type of mortgage not backed by the government, offered by private lenders like banks and mortgage companies. These loans often require a higher credit score and can come with a down payment as low as 3%, but if the down payment is less than 20%, you will need private mortgage insurance (PMI). Conventional loans are available with fixed or adjustable interest rates and various term lengths, such as 15 or 30 years. Loan limits are set by Fannie Mae and Freddie Mac, ensuring they meet certain standards.

Key Features of Conventional Loans

  • Income: Latest 2 years of W2s + Tax Teturns, and latest 30 days of paystubs.

  • Credit Requirements: Conventional loans typically require a higher credit score compared to government-backed loans. A score of 620 or higher is generally needed.

  • Down Payment: You can secure a conventional loan with a down payment as low as 3%. However, if you put down less than 20%, you will need to pay for private mortgage insurance (PMI).

  • Loan Limits: The loan limits for conventional mortgages are set by Fannie Mae and Freddie Mac and can vary by location. In 2024, the baseline limit is $726,200 in most areas but can be higher in high-cost regions.

  • Interest Rates: Conventional loans can come with fixed or adjustable interest rates. Fixed-rate loans have a consistent interest rate over the life of the loan, while adjustable-rate mortgages (ARMs) can change over time based on market conditions.

  • Long Terms: You can choose from various loan terms, typically ranging from 15 to 30 years. Shorter-term loans often come with higher monthly payments but lower overall interest costs.

Benefits of Conventional Loans

  • No Upfront Mortgage Insurance Premium:

    Unlike FHA loans, conventional loans do not require an upfront mortgage insurance premium.

  • Potentially Lower Costs: With good credit, you may secure a lower interest rate and monthly payment compared to government-backed loans.

  • Flexibility: Conventional loans offer a variety of options for loan terms and down payments, making them adaptable to different final situations.

Is a Conventional Loan Right for You?

Conventional loans are ideal for borrowers with strong credit and the ability to make a down payment. They offer competitive rates and flexible terms, but the higher credit and down payment requirements can be a barrier for some.

Step 1 - See what You Qualify For

W2 &
Tax Returns

2 years of W2s and Tax Returns
Jumbo,FHA ,Conventional,VA,USDA
Down payment as low as 3%
Score as low as 550 with 10% Down

Bank Deposits as Income

No W2s, No Taxes, No Paystubs!
Self-Employed we use the latest
12 Months of bank deposits.
Requires 20% Down

DSCR
For Rentals

No W2s, No Taxes, No Paystubs!
The rent must cover the mortgage,
Score as slow as 640
Min. 20% Down

FLIPS
Buy Fix Sell

No Income Required
Experience or No Experience
Score as slow as 640
10%-20% Down

Work with an Expert Mortgage Consultant

22 Years Experienced as Loan Originator, 3 years as underwriting , 2 years as appraiser.

At Generation Mortgage Associates LLC , we partner with over 50 top lenders nationwide to find the best mortgage loan tailored to your specific needs. Regardless of your financial situation, credit history or income, we can secure a mortgage for you.


Our agents possess extensive expertise in the real estate market, staying ahead of trends and understanding property values. This enables them to offer you tailored, insightful guidance specific to your needs and goals.

Whether you prefer face-to-face meetings or virtual consultations, we are accessible and ready to assist. Trust us for a smooth and stress-free financing journey.

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Company NMLS#: 224585

1155 Pasadena Ave S - Suite H - South Pasadena, FL 33707

This website has not been reviewed, approved or issued by HUD, FHA or any governmental agency.