Regarding conventional loans, borrowers have the advantage of being presented with various down payment options. These options can easily accommodate different financial situations and varying lender requirements. First-time homebuyers can opt for a down payment as low as 3% of the home's purchase price.

Conventional loans can sometimes be combined with Down Payment Assistance Programs (DPA) to go even lower than that 3%

Doing a higher downpayment can be beneficial for many reasons, such as lower Mortgage insurance (MI); MI is not required with a downpayment over 20%.

When getting a conventional loan, an appraisal might be required to determine the home's value.

This helps ensure the loan amount is appropriate for the home’s value. A licensed appraiser typically conducts the appraisal, and the borrower generally pays for the cost.

To be approved for a conventional loan, borrowers typically need a credit score of 620 or higher.

Having a higher credit score can positively affect the interest rate you will get.