Conventional Loans

HOPE has lots of experience in making these types of loans to a wide variety of borrowers.

What Is a Conventional Loan?

A conventional loan is a home mortgage not insured or guaranteed by the federal government. These loans are often a good fit for buyers with strong credit and stable income. With a conventional loan, you have more options when it comes to the type of property you buy and the loan terms you choose. Whether purchasing your first home, refinancing, or looking for a bigger space, a conventional mortgage with HOPE can make homeownership happen.¹

Benefits of Choosing a Conventional Loan with Hope Credit Union (HOPE)

When you choose HOPE for your mortgage, you’re not just getting a loan; you’re getting a partner committed to your success.

Competitive Interest Rates

Our conventional loans come with competitive interest rates that help keep your monthly payments affordable. That means more money stays in your pocket, helping you build financial stability.

Flexible Loan Terms

Every member’s journey to homeownership is unique. That’s why we offer repayment plans up to 30 years on conventional loans, allowing you to choose a mortgage that fits your budget and goals.

How Much Do I Have to Put Down for a Conventional Loan​?

With a conventional loan at HOPE, you typically need a down payment of at least 3% of the home’s purchase price.

If you’re able to put down 20% or more, you can avoid the cost of private mortgage insurance (PMI), helping you save even more over time.

What Is the Difference Between a Conventional Loan and an FHA Loan

Conventional loans and FHA loans are both popular paths to homeownership, but they work a little differently.

• A conventional loan typically requires a higher credit score and a larger down payment compared to an FHA loan. However, conventional loans usually have fewer restrictions on the types of homes you can purchase and may offer better long-term savings, especially if you can avoid PMI.
• An FHA loan, insured by the Federal Housing Administration, is often a good option for buyers with lower credit scores or limited savings.

Is a Conventional Loan Right for You?

A conventional loan could be the right fit if you:

• Have a steady income and a good credit history
• Can afford a down payment of at least 3% of a home’s purchase price
• Want flexible repayment options and competitive rates

Not sure if a conventional loan is the best choice? Our experienced home lending team is here to walk you through your options, answer any questions, and empower you to make the best decision for your future. Contact us today to get started on your path to homeownership.

¹Loans subject to approval.