A conventional mortgage loan is a loan that is not Government backed, but is instead backed by private lenders such as banks, credit unions, and mortgage companies that meet Fannie Mae and Freddie Mac requirements to lend. There are great benefits to this loan type such as the higher loan limits in comparison to FHA loans, and also the opportunity to utilize this loan for purchasing investment properties. Conventional loans usually require a slightly higher down payment compared to VA and FHA loans, which allows you to purchase with a slightly higher budget since you are able to borrow more money.
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