Conventional Loan
Conventional loans are a popular type of mortgage that are not insured by any government agency like the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), or the Department of Veterans Affairs (VA). Typically offered by private lenders, conventional loans can be either conforming or non-conforming. Conforming conventional loans adhere to the standards set by Freddie Mac and Fannie Mae, including a maximum loan limit. Non-conforming loans, often referred to as jumbo loans, exceed these maximum amounts.
Conventional loans are often ideal for borrowers with strong credit, a steady income, and the ability to make a down payment. They can offer more flexibility with loan terms and conditions compared to government-backed loans.
Conventional loans are often ideal for borrowers with strong credit, a steady income, and the ability to make a down payment. They can offer more flexibility with loan terms and conditions compared to government-backed loans.
