“Conventional” mortgages are home loans that are not insured or guaranteed by the federal government. They are the most popular type of loan used to purchase or refinance a single-family home. To qualify for a Conventional Mortgage, you typically need a minimum down payment of 5% of the home purchase price (typically requiring mortgage insurance). If you have a down payment of 20% or more, you will not need to pay the additional expense of mortgage insurance. Conventional Mortgages usually meet Fannie Mae/Freddie Mac approval guidelines.