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What is a Conventional Loan?
Conventional loan is a term you’re bound to encounter when you’re shopping for a mortgage. After all, this common mortgage type is offered by most lenders. Qualifying for a conventional loan program can be tougher than with government loans, but the options fit a wider range of buyers and properties.
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
- Up to 97% financing available
- 0 score financing available
- Citizen Abroad program available
- Financing available up to 10 properties
- FNMA Homestyle Renovation Loan available
Conventional Loan borrowers typically make larger down payments than FHA borrowers, and they tend to have a more secure financial standing and are less likely to default. A larger down payment means lower monthly payments. Plus, with the ever-increasing mortgage insurance premiums on FHA loans, payments for conventional loans that don’t require private mortgage insurance can be much more manageable in comparison.
