- 3% down payment with qualifying credit scores on purchases
- Can be used on all property and occupancy types: 1-4 family units, attached and detached, as well as condominiums
- Conforming loans follow Freddie Mac and Fannie Mae lending guidelines
Conventional loans are an alternative to FHA loans that offer a lot more variety to the borrower. These loans are, however, not guaranteed or insured by the federal government. While not all properties and lenders are approved for FHA loans, almost any property can be financed with a conventional mortgage loan.