Apply for a conventional loan today

You need a minimum credit score of 620 to qualify for a conventional loan. However, your credit score significantly impacts your interest rate:

• 620-699: You qualify, but expect moderate rates
• 700-759: You'll get good rates (typically 0.25-0.5% better)
• 760+: You'll get the best rates available

If your score is below 620, consider an FHA loan, which accepts scores as low as 580. With Tomo Mortgage, we'll help you compare conventional vs. FHA options to find the best rate for your situation.

The minimum down payment for a conventional loan is 3% for first-time homebuyers and 5% for repeat buyers. However, your down payment size affects your costs:

• 3-19% down: You'll pay private mortgage insurance (PMI, typically $100-300/month)
• 20%+ down: No PMI required, saving you hundreds monthly

Example: On a $400,000 home, you'd need $12,000-20,000 minimum (3-5%). While 20% down ($80,000) eliminates PMI, most buyers put down 7-10% and remove PMI later as their home appreciates.

With Tomo Mortgage, you can close a conventional loan in as little as 12 days. Our average closing time is 21 days, compared to 30-45 days with traditional lenders.

Why we're faster:

• Fewer property requirements than FHA/VA loans
• Digital documentation
• 7-day/week support to keep things moving
• Automated underwriting that flags issues early

Yes, Tomo Mortgage offers a Price Match Guarantee. If you receive a better price from another lender, we'll match it.

Bring us a competitor's Loan Estimate and we'll review it to ensure you're getting the best deal. This applies to both interest rates and closing costs, so you never have to choose between Tomo Mortgage's service and getting the lowest price.