Fixed Rate Conventional Loans

15, 20 & 30 Year Fixed

30 Year Fixed

A 30 year fixed conventional loan has the same mortgage payment for all 360 months. Conventional loans are typically harder to qualify for than FHA loans and require a slightly higher down payment, but in some cases rates and closing costs can be lower, and monthly mortgage insurance can be less or eliminated entirely with 20% down.

20 Year Fixed

Same structure as the 30 year fixed, except the loan term is 240 months instead of 360. Because it's paid off faster, monthly payments are higher than the 30 year option, though some lenders offer a lower rate in exchange.

15 Year Fixed

Same structure again, but over 180 months. Monthly payments are the highest of the three, but because the lender's risk is lower over a shorter fixed period, rates on 15 year loans are typically the lowest of the three.

• 3% minimum down payment required on purchase
• Minimum credit score usually 620
• Post-bankruptcy: can qualify after 4 years
• Post-foreclosure: can qualify after 7 years
• Post-short-sale: can qualify after 2 years (LTV restrictions may apply)