Louisiana
Conventional Loans
Conventional loans offer Louisiana buyers the widest range of flexibility. From 3% down for first-time buyers to 15-year terms that build equity faster. With no upfront mortgage insurance premium and the ability to drop PMI at 20% equity, conventional financing is the benchmark against which every other program is measured.
Why Conventional?
Benefits of Conventional Loans
in Louisiana
As Low as 3% Down
First-time buyers can put down as little as 3% with Fannie Mae HomeReady or Freddie Mac Home Possible programs. Louisiana buyers with stronger credit profiles benefit from the most competitive rates in the market.
PMI Drops at 20%
Unlike FHA loans where mortgage insurance stays for the life of the loan (with less than 10% down), conventional PMI automatically cancels once you reach 20% equity. This can save Louisiana homeowners $100 to $200 per month long-term.
Competitive Rates
Borrowers with 740+ credit scores typically receive the best conventional rates available. Even at 680 to 739, conventional rates are often comparable to or better than FHA once you factor in the lower mortgage insurance cost.
Flexible Property Types
Conventional loans work for single-family homes, condos, townhomes, and multi-unit properties (2 to 4 units). In Louisiana, this flexibility matters for buyers eyeing duplexes in New Orleans or condos in Baton Rouge.
No Upfront MI Premium
FHA charges a 1.75% upfront mortgage insurance premium. Conventional loans have no equivalent. On a $250,000 Louisiana purchase, that is $4,375 you do not pay upfront.
Renovation Options
The Fannie Mae HomeStyle renovation loan lets you finance purchase and renovation into a single conventional loan. Useful for Louisiana's older housing stock that may need updates.
Today's Rates
Today's Conventional Rates in Louisiana
These are average market rates, not a quote. Your actual rate depends on your credit score, down payment, and loan details. Get a personalized rate.
Average market rates based on mortgage market index data. Not a commitment to lend.
Conventional Loans in Louisiana
What Is a Conventional Loan and When Does It Make Sense?
A conventional loan is any mortgage that is not backed by a government agency like FHA, VA, or USDA. Most conventional loans conform to guidelines set by Fannie Mae and Freddie Mac, which allows lenders to sell the loans on the secondary market and offer competitive terms. Conventional financing is the most common mortgage type nationwide and the benchmark for Louisiana buyers with solid credit and stable income.
For Louisiana purchasers, conventional loans are the best choice when your credit score is above 680, you have at least 5% down (ideally more), and you want the long-term savings of cancelable mortgage insurance. If you are putting 20% down, conventional eliminates PMI entirely, making it the most cost-efficient structure for well-qualified borrowers buying across any of the state's 64 parishes.
- Down payments from 3% (first-time buyers) to 20%+ (no PMI)
- PMI cancels automatically at 20% equity, not lifetime like FHA
- No upfront mortgage insurance premium (FHA charges 1.75%)
- Available for primary, second homes, and investment properties
- 15-year and 30-year fixed-rate terms, plus ARM options
- Works across all 64 Louisiana parishes and property types
How Conventional Compares in Louisiana
| Program | Down Payment | Min Credit |
|---|---|---|
| Conventional | 3 to 20% | ~620+ |
| FHA | 3.5% | 500 to 580+ |
| VA | 0% | ~580+* |
| USDA | 0% | ~640+ |
| DSCR | 15 to 25% | ~660+ |
Requirements vary by lender and borrower profile. Mortgages by Channing compares every program you qualify for on your real numbers.
Not sure Conventional is your best option?
We price every program you qualify for side by side. If another one costs you less, that is the one we tell you to take.
Compare My OptionsSimple Process
Get a Louisiana Conventional Loan
in 3 Simple Steps
Compare Your Options
We review your credit, income, and savings to determine whether conventional is your best fit, or if FHA, VA, or USDA might save you more. We compare all options side by side for your specific situation.
Get StartedGet Pre-Approved
We collect documentation, lock your rate when the time is right, and issue a clean pre-approval letter that gives you negotiating power with Louisiana sellers.
Get StartedClose with Confidence
From appraisal to closing, we manage every deadline and keep you informed. Most conventional purchases in Louisiana close in 25 to 35 days.
Get StartedWatch & Learn
See How Conventional Loans Work in Louisiana
Down payment options, PMI rules, rate factors, and how to determine whether conventional is the right fit for your Louisiana purchase.
The Application
Apply From Your Phone In Fifteen Minutes
The whole application runs on your phone. Snap photos of your documents, connect your bank, and you're done. It reaches me the minute you submit it.
- Starts with a soft credit check, so your score is never touched
- We run conventional next to FHA so you see both payments
- Upload documents with your phone camera, no scanner needed
- You hear back from Channing, not from a call center queue
If the numbers say wait, I'll tell you that too, and then we make a plan to fix whatever is in the way.
Complete Your Application
Five short steps. Most people finish in about fifteen minutes.
- Tell us what you're looking for
- We price conventional and FHA
- Upload your documents
Your pre-approval letter is ready. I sent it to your email and to your agent.
Got your application. I'm reviewing it now and will call you this afternoon.
Real Results
What Louisiana Borrowers Say
About Working With Us
Louisiana borrowers trust Mortgages by Channing to get it done right. Read all Google Reviews
It was a pleasure working with Channing and Monica! Very knowledgeable people!
Such an amazing personal and trustworthy to there core they were super attentive and walked us through the whole process and patient with all questions asked.
Channing and the team helped us with our first home purchase. They were very responsive and helpful. We were so happy with how fast and efficient every step was.
Highly recommend Channing and Monica to help you get the home of your dreams. They work hard to get you all the information quickly so that you can close the deal!
Channing and Monica were outstanding! On top of every detail, explained everything so wonderfully, super helpful and patient. They made things infinitely less stressful!
As scary as it is buying a home for the first time, the whole process was WAY easier than I ever thought it would be. Channing answered every question I had.
Strong Credit?
Conventional Rewards You
Louisiana buyers with good credit and savings get the best terms with conventional financing. See your options in minutes.
Get My Conventional QuoteConventional FAQ
Common Conventional Loans Questions
from Louisiana Borrowers
The most common questions Louisiana buyers ask about conventional loans. Down payment, PMI, credit requirements, and how it compares to FHA.
Still Deciding?
Get A Straight Answer On Your Own Numbers
A soft credit check tells you where you stand. Nothing hits your report until you decide to move forward.
More Options
Other Loan Programs in Louisiana
Conventional is not always the best fit. Depending on your profile, FHA, VA, or USDA may save you more. We compare all options.
FHA Loan
Government-backed with 3.5% down and flexible credit requirements across Louisiana.
See FHA LoanVA Loan
$0 down payment for eligible veterans and active military. No PMI. Competitive rates.
See VA LoanUSDA Loan
$0 down in eligible rural and suburban areas across Louisiana. Income limits apply.
See USDA LoanFirst-Time Homebuyer
Down payment assistance and first-time buyer programs across Louisiana.
See First-Time HomebuyerJumbo Loan
Financing above the conforming limit for Louisiana's higher-value properties.
See Jumbo LoanRefinance
Lower your rate, reduce your payment, or change the term on your Louisiana mortgage.
See RefinanceCash-Out Refinance
Access your home equity for renovations, debt payoff, or investments.
See Cash-Out RefinanceHELOC
Flexible home equity line of credit, draw funds as needed and keep your current rate.
See HELOCDSCR Loan
Investor financing based on property cash flow, with no personal income documents.
See DSCR LoanService Area
Conventional Loans by City in Louisiana
Looking for conventional loan details specific to your city? Select your area below for local rate info and tailored guidance. Mortgages by Channing originates conventional loans in every parish across the state of Louisiana. Licensed in Louisiana · NMLS #1457759
Real Closings
Real Clients.
Real Closings.
Real families we have helped get from pre-approval to keys in hand.
Let's Find
Your Best Rate
Get a personalized conventional loan quote in minutes. No pressure, just clear numbers for buyers anywhere in Louisiana.
Get My Conventional Quote