Conventional Home Loan
Conventional home loans are one of the most common types of mortgage options available to homebuyers. These loans are not backed or insured by the government, unlike FHA, VA, or USDA loans. Instead, they are offered by private lenders such as banks, credit unions, and mortgage companies.
Conventional home loans offer flexibility and can be ideal for buyers with good credit and a solid financial standing. However, it's crucial to shop around, compare rates, and understand the terms offered by different lenders to find the best fit for your specific situation.
Conventional home loans offer flexibility and can be ideal for buyers with good credit and a solid financial standing. However, it's crucial to shop around, compare rates, and understand the terms offered by different lenders to find the best fit for your specific situation.
Down Payment- Typically, conventional loans require a down payment ranging from 3% to 20% of the home's purchase price.
Credit Score- 620 or higher credit score is required
There are advantages to having a great credit score and different loan programs and options is just one of the benefits! Check out Ashley's Blog on the Positives on Maintaining Healthy Credit Here!
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