What is a conventional loan and who qualifies in Washington?

A conventional loan is a mortgage not backed by a government agency — it's issued privately and sold to investors like Fannie Mae or Freddie Mac. To qualify in Washington, you generally need a 620+ credit score, a debt-to-income ratio under 45%, steady verifiable income, and a down payment of at least 3–5%. It's the most common loan type for buyers with solid credit who want the widest range of property options.