Conventional mortgages provide the consistency and flexibility many homeowners need to purchase their dream home with a low downpayment and several loan terms available.
As the most popular loan type, conventional loans fit a variety of properties and buyers. Unlike other loan types, conventional loans aren’t backed by a government agency. Instead, they meet the downpayment and income requirements for Freddie Mac or Fannie Mae.
Depending on your current financial situation and homeownership goals, you can take advantage of several benefits that come with taking out a conventional loan:
Conventional loans are great options for homebuyers with a decent credit score, little debt, and cash flow for a downpayment. Here’s how to qualify: