Conventional Loans
What is a conventional loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A conventional loan is a mortgage not backed by a government agency, conforming to Fannie Mae or Freddie Mac guidelines. It needs a 620-plus score and as little as 3% down, with removable PMI under 20% down.
Strong-credit borrowers often pay less over time with conventional than FHA because the mortgage insurance drops off. We'll compare it against FHA to find your lowest total cost.
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