Conventional Home Loans
A conventional loan can be a great option for homebuyers who want flexibility, competitive financing options, and a mortgage tailored to their goals.
Many conventional loans are considered conforming loans, meaning they meet guidelines established by Fannie Mae and Freddie Mac. These organizations purchase eligible mortgages from lenders, helping make conventional financing widely available to qualified borrowers.
For 2026, the conforming loan limit for a one-unit home in the Clarksville and Fort Campbell area is $832,750. Loan limits may be higher for multi-unit properties or homes located in designated high-cost areas.
How Much Down Payment Do I Need?
You may not need a 20% down payment to purchase a home with a conventional loan. Depending on your qualifications and the loan program, conventional financing may be available with as little as 3% down.
Your available options may depend on factors such as:
- Credit history and credit score
- Income and employment
- Debt-to-income ratio
- Property type and occupancy
- Whether you are a first-time or repeat homebuyer
When a conventional borrower puts less than 20% down, private mortgage insurance (PMI) is generally required. PMI can help make homeownership possible with a smaller upfront investment, and unlike some forms of mortgage insurance, it may be removable once certain requirements are met.
Is a Conventional Loan Right For You?
Conventional financing may be a good fit for buyers with established credit, borrowers purchasing a primary residence, second home or investment property, or buyers who want to compare several financing options.
At Legacy Mortgage Services, we know there is no one-size-fits-all mortgage. Whether you are purchasing your first home, moving to the Clarksville/Fort Campbell area, or exploring your next home purchase, our local team will take the time to understand your goals and help you compare the loan options available to you.
Ready To Learn What May Work For Your Situation?
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