Conventional

Flexible, affordable financing backed by strong guidelines.

Prospera Mortgage offers you loans through top wholesale lenders to match you with competitive pricing, faster turn times, and options that fit first-time and repeat buyers alike.

Why Choose Conventional?

Lower Total Cost & Long-term Flexibility

  • No upfront mortgage insurance (compared to many government loans).

  • PMI can be removed once you reach sufficient equity (often ~20%, subject to servicer rules).

  • More property types: primary, second home, and investment properties.

  • Flexible terms: popular fixed-rate options and ARMs to match your strategy.

  • Potential appraisal/condo flexibility depending on program and eligibility.

Document Checklist

Be application-ready

  • Government ID & SSN

  • 30 days of paystubs; last 2 years W-2/1099; tax returns if applicable

  • Recent bank/asset statements

  • Insurance quote (purchase)

  • Current mortgage & insurance (refi)

  • Purchase contract & condo docs (if applicable)

Who’s a Great Fit?

Conventional works best when…

Credit: Mid-to-high credit scores tend to get the best pricing.

Property Types: Primary residence, second home, or investment property.

Goals: Lower lifetime cost, PMI removal, and flexibility on property use.

Conventional Programs Available

Conventional 1% Down

Qualified first-time buyers can contribute just 1% down, with an additional lender contribution toward the standard 3% minimum (subject to caps and eligibility).

  • Borrower pays 1% down, additional funds may apply up to program cap.

  • Standard underwriting & income limits; eligibility required.

Cash-Out 90% (No MI)

Access up to 89.99% LTV with no mortgage insurance on qualifying scenarios. Great for consolidating debt, funding renovations, or seeding investments.

  • Use funds for projects, tuition, or consolidation (subject to guidelines).

  • Pricing/eligibility vary by profile and property.

Current Conforming Loan Limits

Stay up to date on one-unit and multi-unit conventional loan limits. We’ll confirm your exact limit and high-cost adjustments for your property and county.

  • Availability, eligibility, pricing and overlays change. We’ll confirm the best fit at application.

 

Conventional Loan FAQs

  • Private Mortgage Insurance protects the lender on low-down-payment loans. With conventional loans, PMI can often be removed once you reach sufficient equity (typically ~20%), subject to investor/servicer rules.

  • Yes. Conventional financing allows second homes and investment properties (pricing and guidelines vary).

  • As low as 3% for many first-time buyers. Select programs can offset part of the minimum for eligible borrowers, subject to caps and underwriting.

  • Certain cash-out options allow access up to 89.99% LTV with no MI on qualifying scenarios. We’ll verify your eligibility at application.

Prospera Mortgage LLC is an independent mortgage broker. Programs, rates, terms and eligibility are subject to change without notice and may vary based on borrower profile, property type, occupancy, and market conditions. Not a commitment to lend. All loans are subject to underwriting approval. Equal Housing Opportunity.