What's A Conventional Loan

Conventional home loans are a popular choice for many individuals looking to purchase a house. These loans are not insured or guaranteed by the government, unlike FHA or VA loans. One advantage of conventional home loans is it can be used for an investment property.

Additionally, borrowers can avoid paying private mortgage insurance (PMI) if they make a down payment of at least 20%. However, it's important to note that conventional loans typically require a higher credit score and a larger down payment.

Despite these requirements, conventional home loans provide flexibility in terms of loan amounts and property types. Overall, understanding the truth about conventional home loans can help potential homebuyers make informed decisions about their financing options.

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