Updated 3/29/2026
How to Apply for a Conventional Loan
To apply for a conventional loan, gather financial documents such as pay stubs, tax returns, and bank statements, then submit a mortgage application with a lender. A lender will review your credit history, income, debt-to-income ratio, and down payment to determine eligibility.
- Conventional loans typically require a minimum credit score of 620, a debt-to-income ratio generally below 45%, and a down payment ranging from 3% to 20% depending on the loan program and borrower profile.
- Required documentation commonly includes recent pay stubs, W-2s or tax returns from the past two years, bank statements, and proof of any additional assets or income sources.
- The application process involves completing a loan application, authorizing a credit pull, receiving a Loan Estimate within three business days, and working through underwriting before closing.
Conventional Loan Application Guide
Your Path to Traditional Home Financing
Introduction
Step 1 of 7
Your Step-by-Step Path to Homeownership
We'll guide you through each stage of the conventional loan application process, from preparation to closing. Our team at SRK CAPITAL is here to make your journey to homeownership smooth and straightforward. The entire process typically takes 30-45 days from application to keys in hand.
What is a Conventional Loan?
A conventional loan is a mortgage that isn't backed by a government agency. These loans typically require a minimum credit score of 620 and a down payment as low as 3% for qualified buyers. Conventional loans offer competitive rates and flexible terms for borrowers with good credit. They're ideal for primary residences, second homes, and investment properties, with the added benefit of cancellable mortgage insurance once you reach 20% equity.