Conventional Mortgage

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A conventional mortgage is a loan that’s not backed by a federal government agency. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies. Conventional loans are broken down into conforming and non-conforming loans.

These borrowers usually make larger down payments (at least 20%), don’t require mortgage insurance, and are at a lower risk of defaulting on their home loan payment.

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