Conventional Loan Benefits in Oregon
Fast Pre-Approval
Get your conventional pre-approval letter fast — most decisions same day or next business day.
PMI Cancels at 20%
Unlike FHA MIP, conventional PMI cancels automatically when you build 20% equity.
As Low as 3% Down
Conventional 97 programs allow 3% down for qualified first-time buyers. Standard programs at 5%.
Higher Loan Limits
Conforming loan limits exceed FHA in most Oregon counties — more flexibility on purchase price.
More Property Types
Second homes, investment properties, and condos not eligible for FHA are fine for conventional.
Flexible Terms
10, 15, 20, and 30-year terms — choose the structure that fits your monthly budget.
Conventional Loan Requirements in Oregon
- ✓Credit Score: 620+ minimum; 740+ for most favorable rates
- ✓Down Payment: 3% (Conventional 97), 5% standard; 20% avoids PMI
- ✓DTI: Up to 45–50% with strong compensating factors
- ✓Employment: 2-year history preferred; self-employed with 2 years of tax returns
- ✓Property: Primary residence, second home, or investment property
- ✓PMI: Required with less than 20% down; cancels automatically at 80% LTV
Conventional Loan FAQ
How fast can I get a pre-approval?
Most borrowers receive a pre-approval decision the same day or next business day. Start the process in 2 minutes and I'll reach out with a letter you can use when making offers.
What is the minimum down payment for a conventional loan?
As little as 3% with a Conventional 97 program for first-time buyers. Standard programs typically require 5% down. Put 20% down and you skip PMI entirely.
When does conventional PMI go away?
PMI cancels automatically when your loan balance reaches 80% of the original purchase price. You can also request removal once you reach 80% through payments and appreciation — typically verified by a new appraisal.
Should I choose conventional or FHA?
Conventional is generally better for buyers with 660+ scores who want PMI to cancel. FHA is better for lower scores or more flexible guidelines. I'll run both scenarios and show you the numbers side by side before you decide.
Other Loan Programs
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Takes 2 minutes · No credit pull · No obligation