Conventional loans bristol va offer the most flexible financing option for local homebuyers—no location restrictions, no income limits, and mortgage insurance that actually cancels. If you have good credit (680+) and can manage a 3 down payment bristol va or more, conventional financing often delivers the best long-term value in Bristol's affordable housing market.
No impact on credit score to check
A bristol virginia conventional loan is a mortgage not insured or guaranteed by the federal government (unlike FHA, VA, or USDA). Instead, it follows guidelines set by Fannie Mae and Freddie Mac. It is the standard for borrowers with good credit.
With Bristol's median prices of $191k-$268k, a 20 down payment bristol virginia is $38k-$54k. This eliminates PMI immediately—something much harder to do in expensive markets like Northern VA where 20% is $120k+.
bristol va home loans using conventional financing work anywhere—downtown, suburbs, or rural Washington County. No income limits apply.
If you have a good credit mortgage bristol va profile (680+), you get rewarded with lower interest rates and cheaper PMI than FHA.
Unlike FHA's lifetime insurance, pmi removal bristol va happens automatically at 22% equity (78% LTV).
Conventional rates are highly sensitive to credit scores. Borrowers with 740+ scores get the best conventional rates bristol va, while those under 640 see significant markups.
| Credit Score | Rate Range | Monthly P&I ($200k Loan) |
|---|---|---|
| 760-850 | 6.15% - 6.25% | $1,219 |
| 700-759 | 6.28% - 6.40% | $1,235 |
| 680-699 | 6.45% - 6.60% | $1,260 |
| 660-679 | 6.70% - 6.90% | $1,291 |
| 620-639 | 7.20% - 7.50% | $1,363 |
*Rates are estimates for a 30-year fixed loan. Your actual rate will vary by lender.
While 620 is the minimum, 680 credit score bristol va mortgage is the practical minimum for competitive pricing.
Waiting Period: 4 years after Chapter 7 Bankruptcy, 7 years after Foreclosure.
Strictly enforced at 43% (sometimes 50% with high reserves).
conventional loan limits bristol va (Washington County) match the national conforming limit.
Since Bristol median prices are under $270k, limits are rarely an issue.
First-Time Buyer
$6,000 on $200k
Standard
$10,000 on $200k
Lower PMI
$20,000 on $200k
No PMI
$40,000 on $200k
Sources: Personal savings, gift funds (100% allowed), 401(k) loans, or sale of assets. Cash savings is the most common source for good credit home loan bristol va applicants.
If you put less than 20% down, you pay PMI. The cost varies wildly based on credit score.
| Credit Score | 5% Down ($10k) | 10% Down ($20k) | 15% Down ($30k) |
|---|---|---|---|
| 760+ | $79/mo | $68/mo | $32/mo |
| 720-759 | $103/mo | $90/mo | $45/mo |
| 680-719 | $135/mo | $113/mo | $62/mo |
| 640-679 | $182/mo | $150/mo | $85/mo |
| 620-639 | $238/mo | $195/mo | $110/mo |
Expect to pay 2-5% of the purchase price. On a $200,000 home, that is $5,000 - $10,000.
Check score (680+ target). Calculate DTI.
Contact conventional loan lenders bristol va. Get letter.
Focus on $175k-$268k Bristol homes.
Include financing contingency. Ask for concessions.
Lender confirms value. If low, renegotiate.
Verification of assets, income, title.
Final CD review. Wire funds.
Sign and get keys!
Verdict: Conventional wins if you have good credit and plan to keep the home 7+ years.
For military buyers, VA is almost always superior due to $0 down and no PMI. Conventional is for civilians or those preserving VA entitlement.
Already have a home in Bristol? refinance to conventional bristol va is a smart move to remove FHA mortgage insurance. Learn more in our Bristol refinance guide.
620 minimum. 680+ is recommended for affordable PMI. 740+ gets best rates.
No! You can put down 3% (first-time) or 5%. 20% just avoids PMI.
2-5% of price ($5k-$10k). You can ask the seller to pay up to 3%.
If you have 680+ credit, usually yes, because PMI is cheaper and temporary.
Yes, conventional is great for Bristol condos and townhomes.
30-45 days typically.
See if you qualify for a conventional loan today. Connect with lenders who know the Bristol market.
No impact on credit score to check
Last updated: November 25, 2025
Disclaimer: This guide provides general information about conventional loans in Bristol, Virginia. Loan requirements, rates, and program details change frequently. This website generates leads for mortgage lenders.