You\u2019ve probably heard the term \u201cconventional loan\u201d thrown around\u2014but what exactly does it mean, and how does it compare to other types of mortgages?<\/p>\n\n\n\n
A conventional loan is a mortgage that is not<\/strong> backed by a government agency like the FHA, VA, or USDA. These loans are often underwritten to standards set by Fannie Mae and Freddie Mac<\/strong>.<\/p>\n\n\n\n The best loan depends on your credit, down payment, location, and financial goals. A lender can walk you through your options and help you choose the loan that fits you<\/em> best.<\/p>\n","protected":false},"excerpt":{"rendered":" You\u2019ve probably heard the term \u201cconventional loan\u201d thrown around\u2014but what exactly does it mean, and how does it compare to other types of mortgages? \ud83c\udfe6 What Is a Conventional Loan? A conventional loan is a mortgage that is not backed by a government agency like the FHA, VA, or USDA. These loans are often underwritten … Continue reading What Makes a Mortgage \u201cConventional\u201d?<\/span> \u2705 Common Features<\/h3>\n\n\n\n
\n
\ud83c\udd9a How It Compares to Government Loans<\/h3>\n\n\n\n
Loan Type<\/th> Backed By<\/th> Ideal For<\/th> Down Payment<\/th><\/tr><\/thead> Conventional<\/td> Private lenders<\/td> Buyers with solid credit and savings<\/td> As low as 3%<\/td><\/tr> FHA<\/td> Federal Housing Admin.<\/td> First-time or lower credit buyers<\/td> 3.5%<\/td><\/tr> VA<\/td> Dept. of Veterans Affairs<\/td> Eligible veterans\/military<\/td> 0%<\/td><\/tr> USDA<\/td> U.S. Dept. of Agriculture<\/td> Rural\/low-income buyers<\/td> 0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n \ud83e\udde0 How to Choose<\/h3>\n\n\n\n