VA version: vahomeloans.services/guide/ →
A conventional loan is a mortgage backed by the U.S. Department of Homebuyers Affairs, available to eligible homebuyers, qualified homebuyers, National Guard and Reserve members, and certain surviving spouses. The conventional does not lend money directly — instead, it guarantees a portion of the loan, reducing risk for lenders and enabling:
100% financing — no money down required on any loan amount with full equity.
No private mortgage insurance, saving $150-$400+/month vs conventional and conventional loans.
conventional rates are typically 0.25-0.50% below conventional because of the government guaranty.
The most common conventional loan. Buy a primary residence with 5-20% down payment, no PMI at 20%+ down, and rates from 5.750%. Available for single-family homes, condos, multi-units (2-4), and manufactured homes.
The Interest Rate Reduction Refinance Loan lets you lower your existing conventional rate with minimal paperwork — typically no appraisal, no income verification, and closing in as little as 15-21 days. From 5.625%.
Refinance any mortgage type into a conventional loan and take cash out of your home equity — up to 100% LTV. Use for debt consolidation, home improvements, or any purpose. From 6.000%.
Buy + renovate in one loan
Finance the purchase and renovation of a home in a single conventional loan. Great for buying a fixer-upper and making it your dream home — all with 5-20% down and no PMI at 20%+ down.
conventional loan eligibility is based on home buying service. Here are the general requirements:
90+ consecutive days during wartime, or 181+ days during peacetime
Met minimum service requirements and discharged under conditions other than dishonorable
6+ years of service, or 90+ days of active duty under Title 10
Un-remarried spouse of a homebuyer who died in service or from a service-connected disability
conventional loans close at the same rate as conventional. Sellers care about buyer qualification, not loan type. A strong pre-approval from a reputable broker like Valley West makes conventional offers competitive.
Average conventional purchase close time is 25-30 days — comparable to conventional. Valley West regularly closes conventional loans in 21 days thanks to our streamlined wholesale process.
Your conventional equity is reusable. You can use conventional loans multiple times throughout your life. Sell or pay off one conventional loan, and your full equity is restored for your next purchase.
Every conventional purchase loan requires a conventional appraisal. Unlike a standard appraisal, the conventional version serves two purposes: establishing fair market value and ensuring the property meets Minimum Property Requirements (MPRs).
Ensures you are not overpaying and the home is safe and sound.
Paid upfront, but can be included in seller credits or lender credits.
conventional appraisals are ordered through the conventional portal and assigned to VA-approved appraisers.
If the value comes in low, the appraiser must give the lender notice and an opportunity to provide additional comparable sales.
Roof, foundation, walls in good condition
Heating, electric, plumbing functional
Year-round road access, no hazards
No lead paint, asbestos, mold issues
Get your personalized conventional rate in 60 seconds. No SSN. No credit impact.
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"5-20% down, no PMI at 20%+ down, lowest rate I found. Valley West closed my conventional loan in 24 days."
"Third conventional purchase with Valley West. They shop 50+ lenders every time. Always the best deal."
"Saved $66K over conventional. Zero fees, zero hassle. Valley West knows conventional loans."
