No, not all conventional loans require a 20% down payment. Conventional loans typically require a minimum of 3% to 5% down, but some lenders may accept a lower down payment. However, a lower down payment may result in the need for private mortgage insurance (PMI), which can add to the cost of your loan.
Lenders typically look at several factors when deciding whether to approve a loan, including your credit score, income, and debt-to-income ratio. If you have a higher credit score and a strong financial profile, you may be able to qualify for a conventional loan with a lower down payment.
Keep in mind that a higher down payment can result in lower monthly payments and may help you build equity in your home more quickly. It's important to carefully consider your financial situation and goals when deciding how much to put down on a home. You can work with a lender or a financial advisor to find the best mortgage option for you.