Conventional Loans

Conventional loans are the best option for those who have good credit and little debt. You can avoid paying Private Mortgage Insurance (PMI) by making a 20% down payment at purchase. These loans are available for primary and secondary homes, or investment properties.


Conventional loans are the most common loan type and can be one of the best options for well-qualified buyers. In the long run, most conventional borrowers save money because private mortgage insurance (PMI) either goes away or is not required.

If you put down less than 20% of the total value of the home for a down payment, you’ll be required to pay Private Mortgage Insurance (PMI). Once you reach 20% equity in your home, however, you can usually request the removal of PMI.

Here are some of the benefits of a conventional mortgage:

  • Down payment options as low as 3% down could be available but these loans typically require at least 5 percent down payment – terms improve with higher down payment amounts
  • There are no income limits or location guidelines
  • Loan amounts of up to $647,200 are available
  • Minimum credit score of 620 is required
  • Fixed-rate loan terms of 30-year, 20-year and 15-year – keep in mind, the longer the loan term the lower the monthly payments but also the more interest paid over the life of the loan
  • Eligible for secondary or investment properties – not just for primary residences!

Here for you, every step of the way.

We’ve got the experience and the professional network to get your loan funded. If it can be done, we’re the ones who can get it done. You’ll have direct access to a friendly, communicative, professional Loan Originator who will walk you through every step of the process. If a problem ever pops up, you’ll be the first phone call with a solution.

26041 Predazzer Ln Suite A, Daphne, AL 36526

24951 Perdido Beach Blvd
Orange Beach, AL 36561

309 Richard Jackson Blvd, Suite 200,
Panama City Beach, FL 32407

Vault Mortgage LLC | NMLS# 1785021
Approved Lender in Alabama #22567 and Florida

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Equal Housing Opportunity. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. Vault Mortgage LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought.