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Conventional Mortgage
A conventional mortgage also known as a conventional loan is one of the most widely used options for home financing. Offered by most lenders, it provides a reliable and straightforward way to purchase a home.
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Conventional Mortgage Information
A conventional mortgage or loan is a home buyer's loan that isn't secured or provided by a government entity. Instead, these mortgages are available through private lenders, including banks, credit unions, and mortgage companies.
Conforming Loans: These adhere to the guidelines set by Fannie Mae and Freddie Mac. The primary rule is the loan size limit, which was set at $647,200 for most of the continental U.S. in 2022. Higher-cost areas have higher limits.
Nonconforming Loans: These include jumbo loans for buyers who need to borrow more than the conforming limit. Other nonconforming loans are for borrowers with poor credit, high debt, recent bankruptcy, or high loan-to-value ratio.
Even with a conventional loan, you might qualify for down payment assistance. Various government agencies and community programs offer support to buyers in complex financial situations, regardless of the financing type used.
Conventional mortgages provide flexible options for many buyers, making homeownership accessible even without a large down payment.
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