What is a conventional loan?
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.
A non-government loan
A conventional loan is a mortgage not backed by a government program like FHA, VA, or USDA. It follows guidelines set by Fannie Mae and Freddie Mac, and it is the most common loan type in the country.
Conventional loans reward strong credit with better rates and let you cancel mortgage insurance once you build 20% equity.
Who it fits
Conventional loans work best for buyers with a 620-plus credit score and steady income. They offer down payments as low as 3% and flexibility on property types.
If your credit is solid, conventional often beats FHA on total cost. Apply now and we will compare both for your situation.
Verify the details for your own situation against these government and agency sources: Fannie Mae HomeReady and Freddie Mac Home Possible.