Conventional loans

A conventional loan is not issued or insured by a federal agency and is usually a 30-year fixed rate term that usually requires a 10 - 25% down payment and often allows for a better interest rate.

• Simply a loan that is not issued or insured by a federal agency
• Usually a 30-year fixed rate term
• Typically requires at least a 10 - 25% down payment, but can go as low as 3% for first-time home buyers.
• Requiring larger down payments, conventional loans may offer better interest rates than non-conventional loans
• Loans with less than a 20% down payment may require private mortgage insurance (PMI)

Video: Low Down Payment Options for Home Loans