Conventional loans are also available with low down payment requirements (with qualifying credit requirements). Conventional loans are backed by Fannie Mae or Freddie Mac and in some cases a portfolio bank. Conventional loans can be used to finance 2nd homes, investment properties, single family residences and condos.
Conventional loans with 80% or lower LTV (Loan-to-Value) ratio will not require mortgage insurance added to the payment. Conventional loans are also a good option when considering a condo that is not approved by FHA or VA. Conventional loans can be financed as a 10 to 30 year fixed, as well as 7/1, 5/1, 3/1, and a 1/1 adjustable rate mortgages (ARMs.)
Reasons To Get Conventional Loan
A range of down payment options
Advantages for higher down payments
Option to eliminate mortgage insurance with a 20% down payment
Financing for properties commonly restricted by government loans
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