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Conventional Loans

Conventional is the first program we price when credit, equity, and reserves support it. Lower mortgage insurance than FHA on many files, and a clean path to drop MI as you gain equity.

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Conventional loans follow Fannie Mae and Freddie Mac guidelines. Down payment can be as low as 3% on some first-time and standard purchase products, or 5–20% when that is the cheaper payment.

We use conventional on Granville, Pataskala, Heath new construction, Newark resale, and Ohio Valley purchases where the credit box fits. Refinances — rate-and-term and cash-out — are usually conventional unless an FHA or VA streamline wins.

Mortgage insurance on conventional is cancellable at the right equity. That is often the reason a buyer with good credit does not want FHA.

Conventional loans follow Fannie Mae and Freddie Mac guidelines. Down payment can be as low as 3% on some first-time and standard purchase products, or 5–20% when that is the cheaper payment.

We use conventional on Granville, Pataskala, Heath new construction, Newark resale, and Ohio Valley purchases where the credit box fits. Refinances — rate-and-term and cash-out — are usually conventional unless an FHA or VA streamline wins.

Mortgage insurance on conventional is cancellable at the right equity. That is often the reason a buyer with good credit does not want FHA.

Who this is for

  • Buyers with stronger credit and some cash to close
  • Refinances where a conventional rate-and-term or cash-out is the cheaper path
  • New construction in Licking County that will not fit USDA

How the file runs

  1. Full pre-approval — credit, income, assets.
  2. Contract and appraisal.
  3. Underwrite to Fannie or Freddie and close on the date in the agreement.

Where we use Conventional

Conventional volume is high in Granville, Pataskala, Heath, Newark, Wintersville, and Wheeling. We still check USDA and FHA on every purchase so you are not overpaying for the wrong box.

Questions

Is conventional always cheaper than FHA?
No. We price both. FHA wins when credit or down payment is thin. Conventional wins when MI will cancel and the rate is better.
Can I put 3% down?
On many first-time and standard conventional products, yes, with mortgage insurance.
Can I cash out?
Yes, within conventional cash-out limits. We run the equity and the payment before you commit.

Polaris Home Funding Corp. is not acting on behalf of or at the direction of HUD, FHA, USDA, VA, or the federal government. Program rules change. We confirm eligibility on the file.

Start here

Start a Conventional application

Start the official application, call the branch, or leave a name. Someone calls back.

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No application. No credit pull.

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Updated: 11/10/26