Conventional Mortgage Loans
A conventional loan is a mortgage that is not insured or guaranteed by the federal government. Velocity shops wholesale lenders so Brighton, Michigan, and Florida buyers can compare conforming programs in one conversation.
- Down payments as low as 3%
- Fixed and adjustable rates
- Primary and secondary homes
Most Velocity clients start here. Conventional financing works for first-time buyers who can put 3% down, move-up buyers who want to keep PMI temporary, and homeowners who prefer a 15- or 30-year fixed payment they can plan around.
Because we are a licensed mortgage broker, we are not limited to one bank's rate sheet. We compare overlays, credit requirements, and closing-cost credits across wholesale partners and explain the tradeoffs in plain language before you apply.
If your credit, reserves, or property type sit outside a retail bank's comfort zone, a conventional wholesale program is often still available. We will tell you that before you write an offer, not after you are under contract.
Who it is for
- Buyers with a down payment of 3% or more
- Homeowners refinancing a conforming balance
- Primary residences, second homes, and some investment properties
Common questions
How much do I need down on a conventional loan?
Many first-time buyers qualify with 3% down. Putting 20% down removes private mortgage insurance. We will price both so you can see the monthly difference.
Is a conventional loan better than FHA?
It depends on credit, down payment, and how long you will keep the loan. Conventional PMI can be removed later; FHA mortgage insurance usually cannot. We run both when it is close.