Conventional Loan
Conventional loans are often the best option for borrowers with strong credit who can contribute a down payment of at least 3%, or perhaps quite a bit more. If you're trying to decide between a conventional loan and a government-insured loan, the right one for you depends on your financial situation.
While government-backed loans offer perks if you don't have great credit or a sizable down payment, qualifying for one is not always easy.
Additionally, you may save more money with a conventional loan if you have good credit or can put more money down.
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What is a Conventional Loan
A conventional loan is a type of mortgage that isn’t backed by a government agency, such as the Department of Veterans Affairs. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac, and conform to the loan limits set by the Federal Housing Finance Administration, or FHFA