Low-down-payment options may be available
Some eligible borrowers can obtain a conforming conventional loan with as little as 3% down. That option is subject to the program, loan amount, property, and borrower requirements. A 20% down payment is not always required.
Review mortgage insurance and the full payment
Private mortgage insurance may be required with a smaller down payment. We’ll compare the complete payment and upfront costs with other financing options, including FHA where appropriate.
The documentation and property still matter
Income, credit, assets, debt obligations, occupancy, and property eligibility are reviewed. A condo can require project review even when the borrower qualifies. Self-employment does not automatically exclude a conventional option.
Further readingFannie Mae: types of mortgage loansGeneral education reviewed October 8, 2026. Lender examples illustrate program types; they do not establish approval or a specific lender recommendation.