What are Conventional Home Loans?
A conventional home loan is one that’s not guaranteed or insured by the federal government. Conventional mortgages are ideal for borrowers with good or excellent credit, and offer ideal rates based on your credit score.
Why You Should Get a Conventional Home Loan
• As little as 3% for a down payment.
• Credit scores higher than 620 required.
• A fixed rate offers you a reliable monthly payment.
• Adjustable Rate Mortgages may look enticing with lower monthly payments, but eventually, they adjust and increase after the fixed term.
• Available for a purchase, refinance, or cash-out refinance loan.
Conventional home loans present fewer hurdles than an FHA, USDA, or VA Home Loan. They also typically take a short amount of time to process.