Conventional loans, unlike FHA loans, are not insured and are for borrowers with good credit. A convention loan requires a minimum 3% down payment. A borrower using a conventional loan needs to have excellent credit to qualify for better rates. The criteria for a conventional loan is a minimum 620 Credit score and debt-to-income ratio of 45% or less. If you are looking to purchase a vacation home or the home will not be your primary residence expect to put 10% down. Investors purchasing investment property need a 15% downpayment. Borrowers must wait four years after a Chapter 7 bankruptcy discharge, 2 years for a Chapter 13 discharge, and four years after a Chapter 13 dismissal.