Conventional Loan

Great for buyers with good credit!

A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. VA, FHA, and USDA loans are all examples of government-backed programs.

Conventional loan borrowers usually make higher down payments than borrowers using government-backed programs. However, conventional loans can offer some of the best terms if you have good credit and stable income.

Conventional Loan Benefits:

In general, conventional loans provide more flexibility with fewer restrictions on the borrower. They’re a great option if you qualify for them. Some of the biggest benefits include:

• Private mortgage insurance (PMI) not required for the life of the loan

• No PMI required with a 20% down payment

• They can be used for a wide range of property types

• Higher loan limits than some government-backed programs

• Flexible loan terms with adjustable- and fixed-rate options

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