Conventional Loans

A Conventional loan is any type of creditor agreement that is not financed by the Veterans Administration (VA) or supported by the Federal Housing Administration (FHA). All Conventional loans are guaranteed by government-sponsored entities like Fannie Mae (FNMA) and Freddie Mac (FHLMC).

The two types of Conventional loans are conforming and non-conforming loans. Conforming loans must meet guidelines set by FNMA and FHLMC. Any loan that doesn’t meet these guidelines would be considered a non-conforming loan.

Pros 

  • Reduced Fees: fees for Conventional loans are often lower than other loan products because the lender sets the rates.
  • Interest Rates: Lenders decide the rates to offer borrowers based on their credit score. A person with a high credit score is more likely to obtain a lower rate of interest.
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