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CONVENTIONAL LOAN
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (USDA) and the Department of Veterans Affairs (VA). Terms of conventional loans typically range from 10 to 30 years.
Conventional loans typically require a minimum of 5% down payment (3% down is available to certain programs for qualified buyers). Most commonly conventional loans have a fixed interest rate. That means the loan will have a single interest rate applied to it that lasts for the life of the loan. However, there are adjustable-rate conventional mortgages, too, which fluctuate with the key lending rate.
If the down payment is less than 20 percent on a conventional loan, mortgage insurance may be required.
For loans with lower down payment requirements, explore government-backed mortgages like VA and FHA loans Contact Leo Namiot about other options that may be available. If the down payment is less than 20 percent on a conventional loan, mortgage insurance may be required.
Are you ready to make your move? Start now with our quick and easy mortgage application. Get pre-approved today.
Conventional loans typically require a minimum of 5% down payment (3% down is available to certain programs for qualified buyers). Most commonly conventional loans have a fixed interest rate. That means the loan will have a single interest rate applied to it that lasts for the life of the loan. However, there are adjustable-rate conventional mortgages, too, which fluctuate with the key lending rate.
If the down payment is less than 20 percent on a conventional loan, mortgage insurance may be required.
For loans with lower down payment requirements, explore government-backed mortgages like VA and FHA loans Contact Leo Namiot about other options that may be available. If the down payment is less than 20 percent on a conventional loan, mortgage insurance may be required.
Are you ready to make your move? Start now with our quick and easy mortgage application. Get pre-approved today.
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