Conventional loans are a common option for buying a home without the rules that come with government-backed loans. They’re not protected by the government, so you’ll need good credit, steady income, and a reasonable amount of debt compared to what you earn. These loans work for both homes you’ll live in and ones you’ll rent out, giving you flexibility. They can follow Fannie Mae and Freddie Mac rules (conforming) or not (non-conforming), depending on your needs. People like them for their decent interest rates and potentially lower costs. You’ll need a down payment of 3% to 20%, and if it’s under 20%, you’ll pay extra insurance (PMI) until you’ve built up enough home equity to drop it. Loan terms can be 15, 20, or 30 years, so you can pick what fits your budget.