Does conventional require primary residence?
No — conventional is the main path for second homes, vacation properties, and investment properties, in addition to primary residences. Each occupancy type has its own down payment, pricing, and reserve rules. Primary-residence conventional gets the best pricing.
What this actually means.
Three occupancy types: primary residence (best pricing, lowest down payment, smallest reserves), second home (typically 10% down minimum, modest LLPA hit, occupancy intent matters), and investment property (typically 15-25% down, larger LLPA hit, more reserves required). Conventional is the only standard mortgage path for second homes and most investment purchases — FHA and VA are primary-only. Subject to Fannie/Freddie selling guides.
Where this can move.
Credit, income type and stability, debt ratio, reserves, automated underwriting findings, and lender overlays can change the answer.
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More conventional questions on Requirements.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.