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Conventional Loans

Conventional loans often require a higher down payment compared to FHA loans, usually around 5% to 20% of the purchase price. The credit requirements for conventional loans are typically stricter, with lenders looking for a credit score of at least 620 or higher.

However, borrowers with excellent credit may be able to secure a lower interest rate and better terms on a conventional loan. Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums.

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Conventional Loan Characteristics

Conventional loans are not backed by the government and are subject to the lender's guidelines and underwriting standards.
Typically require a higher down payment of 5% to 20% of the purchase price
Credit requirements are typically stricter than FHA loans, with lenders typically looking for a credit score of at least 620
Borrowers with excellent credit may be able to secure lower interest rates and better terms on a conventional loan compared to an FHA loan..
Conventional loans offer options for fixed or adjustable interest rates
Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price