Loans Category : Conventional Loans

Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.

Typically require a higher down payment of 5% to 20% of the purchase price

Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620

Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan..

Conventional loans offer options for fixed or adjustable interest rates

Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price