Conventional
Conventional home loans are one of the most popular types of home loans available. This is a flexible mortgage product that can feature affordable down payments and rates for homebuyers.
What is a Conventional Loan?
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs).
When applying for a conventional loan, here is what you need to
know:
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Available as fixed rate or adjustable rate mortgages
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Down payment assistance programs available for qualified buyers
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Typically require higher down payments but they usually have lower interest rates
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May be processed faster because there is usually less paperwork than government-backed loans
Qualifying for a Conventional Loan involves an assessment that
looks at your:
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Credit Score
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Income
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Debt-to Income Ratio
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Down Payment
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Employment Status and History
