Qualifying for a conventional loan depends on several factors such as credit score, debt-to-income ratio, and down payment amount. While there are specific criteria to meet, such as a minimum credit score of around 680 and a debt-to-income ratio of 46% or less, many lenders offer flexibility in their requirements. Additionally, various conventional loan programs, such as HomeReady and Home Possible, allow for lower down payments of 3% or 5%, making homeownership more accessible.