If you get a conventional loan with 20 percent down or more, you won’t have to pay for mortgage insurance. That’s a big benefit over FHA loans, which require mortgage insurance regardless of your down payment size. The conventional 97 loan also lets you put just 3 percent down, while FHA requires 3.5 percent at minimum. And conventional loans offer lower mortgage rates the higher your credit score is. That’s good news if you have a good credit score of 720 or higher.