Convential Loans

A Convential Loan is a mortgage loan that is not backed or insured by a government agency, and :

1. Is a fixed rate mortgage,

2. Normally requires a 5% down payment,

3. Credit scores must be a minimum 620,

4. The ratios must be 28% housing ratio, and 36% debt to income ratio,

5. Less than 20% down payment requires buyer to pay Private Mortgage Insurance