Conventional Loans

A Conventional Loan is a type of mortgage that is not insured or guaranteed by the government, unlike FHA, VA, or USDA loans. These loans are widely used for purchasing primary residences, second homes, or investment properties. They typically require a higher credit score and a down payment, but they offer more flexibility in terms of property types and loan amounts.

Conventional loans can be conforming (meeting limits set by Fannie Mae and Freddie Mac) or non-conforming (exceeding those limits, like jumbo loans). They are popular because they often come with competitive interest rates, flexible terms, and no upfront mortgage insurance requirement if you make a 20% down payment.

These loans also allow borrowers to refinance, buy second homes, or invest in rental properties, making them a versatile choice for individuals seeking financial control and long-term stability. Lenders may also consider factors like debt-to-income ratio, credit history, and employment stability to determine loan approval and interest rates.

✅ Key Features

Not backed by the government
Can be used for primary, secondary, or investment properties
Usually requires higher credit scores (620+)
Down payments can range from 3% to 20%
Competitive interest rates for well-qualified borrowers

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Conventional Loans