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A conventional loan refers to a mortgage that is not insured or guaranteed by any government agency, such as the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA). Instead, conventional loans are originated and funded by private lenders, including banks, credit unions, and mortgage companies.
These loans typically require higher credit scores and down payments compared to government-insured loans. Conventional loans offer a variety of terms and options, including fixed-rate and adjustable-rate mortgages, making them a popular choice for borrowers who have strong credit histories and financial stability.
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Conventional Loan FAQs
Traditional Mortgage with Competitive Rates: Conventional loans offer flexible terms and low interest rates for qualified borrowers without government backing.
What is a conventional loan?
A conventional loan is a mortgage that is not insured or guaranteed by a government agency and is typically available with fixed or adjustable interest rates.
What are the advantages of a conventional loan?
Conventional loans often have lower costs over time, offer more flexible terms, and are available with competitive interest rates for borrowers with good credit.
What is the minimum down payment for a conventional loan?
Conventional loans usually require a minimum down payment of 3% to 20%, depending on the lender and your credit profile.
Do conventional loans require mortgage insurance?
Private mortgage insurance (PMI) is required if your down payment is less than 20%, but it can be removed once you reach 20% equity in the home.
Can I use a conventional loan for an investment property?
Yes, conventional loans can be used to finance investment properties, though lenders typically have stricter requirements for these types of loans.
