Conventional loans are mortgages that aren’t backed by a government agency such as the FHA, or VA loans. Conventional loans usually have fixed rates and terms.
Conventional loans are the most common type of mortgage. They are an option when:
Conventional loans include:
As stated above, conventional loans are distinct from government-backed loans, such as those insured by the FHA and VA. Government-backed loans are less risky to investors and are therefore generally less costly to the borrower. Read more about FHA and VA loans here.
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There is a wide range of Conventional loans from which to choose, depending on your unique situation and goals:
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