What is a conventional loan?
A conventional loan isn't government-backed and follows standard lending guidelines. First-time buyers can sometimes put as little as 3% down, and — unlike FHA — you can drop private mortgage insurance once you reach about 20% equity.
A conventional loan is a mortgage that isn't insured by a government program like FHA or VA. It typically wants a slightly stronger credit profile, but it's flexible and very common.
Two things buyers like: many first-timers can put as little as 3% down, and the private mortgage insurance (PMI) can be removed once you build about 20% equity — so your payment can drop over time. If your credit is solid, a lender comparing a conventional loan against FHA side by side often shows it's cheaper in the long run.
This answer is general education, not legal, tax, or financial advice. Your situation is unique — let's talk through the specifics together.