Conventional loans in Spokane.

What is a conventional loan?

A conventional loan is a mortgage that is not insured by a government agency. It follows guidelines set by Fannie Mae and Freddie Mac, and it is the most common type of home loan in the country. It tends to fit buyers with established credit and steady, documented income.

Because the government does not insure the loan, the lender leans on the strength of your file: credit history, income documentation, debts, and the property itself. For buyers with an established financial footprint, that usually means a straightforward process with fewer program-specific requirements.

Source: Consumer Financial Protection Bureau, conventional loan overview (as of July 2026)

Do conventional loans require mortgage insurance?

Sometimes. Private mortgage insurance applies in some situations, and one of the structural advantages of a conventional loan is that PMI can be removed once sufficient equity builds. That is a key difference from FHA loans, where the insurance premium typically stays for the life of the loan.

Whether PMI applies, and for how long, depends on the structure of your loan. When we look at options together, the honest comparison is the total cost over the years you expect to own the home, not any single feature in isolation. If credit flexibility matters more than insurance structure, it is worth reading how FHA loans in Spokane compare.

What is a conforming loan limit?

A conforming loan limit is the maximum loan size Fannie Mae and Freddie Mac will purchase, set county by county by the Federal Housing Finance Agency. The limits change periodically. A loan above your county's limit is called a jumbo loan and follows different rules.

For most Spokane-area purchases, conventional financing stays comfortably within the county limit. When a purchase goes above it, the loan moves into jumbo territory, with deeper documentation requirements. Current limits are published by the FHFA, and I can tell you in one call exactly where a specific price point lands.

Source: Federal Housing Finance Agency, conforming loan limit values (as of July 2026)

Buying above the limit? See jumbo loans in Spokane.

Is a conventional loan right for a first-time buyer?

Often, yes. Buyers with a solid credit history and steady income frequently find a conventional loan is the simplest fit, and Washington's assistance programs can pair with a conventional first mortgage. The right answer depends on your whole picture, which is a short conversation, not a quiz.

Plenty of first-time buyers in Spokane close with conventional financing, especially when their credit is established. Others come out ahead with FHA flexibility or state assistance. The first-time buyer guide walks the whole decision, and Washington's down payment assistance programs can pair with a conventional first mortgage.