Conventional Mortgage Articles

What is a Conventional Loan?
The term conventional loan describes any mortgage loan that is not guaranteed or insured by the Federal Government. These loans follow the loan limits and guidelines set forth by the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. . Some...

Refinancing a Conventional Loan
There are several reasons why one would want to refinance from a government-backed loan into a conventional loan. . Conventional Loan RequirementsCredit: Generally, borrowers should have a credit score of at least 620 with a solid credit history to refinance, though higher...

Conventional Versus FHA Loans
This page describes two of the most popular loan types: conventional mortgage loans and FHA mortgage loans. To determine which loan best suits your circumstances, take some time to consider the pros and cons of each.. FHA vs. Conventional...

Making a Mortgage Decision: Conventional, FHA and VA Home Loans
The three major loan program categories are conventional mortgages, FHA mortgages, and VA mortgages. Consider the following advantages and disadvantages of each to see which one is best for you:. Conventional MortgagesAny home loan not insured or guaranteed by the...

Credit Score Requirements for Conventional Loans
What credit score do you need to qualify for a conventional loan? Review the list below to find out what type of conventional loan you may qualify for:. 580: Minimum credit score to qualify for a conforming loan.600: Accepted by a few lenders, but...

Five Year Fixed Rate Mortgages Explained
A five-year fixed-rate mortgage offers the best of both worlds: payment stability typical with a longer term fixed-rate mortgage combined with a (usually lower) fixed rate for the first five years.. What is a 5 Year Fixed-Rate Mortgage?This type of loan should not be confused...

Alternatives To a Standard Mortgage
Fannie Mae or Freddie Mac loans, otherwise known as a standard mortgage, can be hard to qualify for. . However, there are several alternative types of home financing you may qualify for. We’ve listed your alternative options here:. Assumable loanThis is an...

15-year Fixed Rate Mortgages Defined
A 15-year fixed-rate mortgage offers homeowners a way to pay off their home purchase twice as fast as with a conventional 30-year fixed-rate mortgage.. How do 15-year fixed-rate mortgages work?Fixed-rate mortgages are the most common type of mortgage loans. With a 15 year...

Conventional Versus FHA Refinancing
Refinance loan options can be split into two categories: conventional mortgage loans and government-insured, most commonly those insured by the Federal Housing Administration (FHA). . While both conventional and FHA loans each have their advantages, borrowers...

Conforming vs. Non-Conforming Loan
Conventional mortgages vary from loan to loan. However, they can be divided into two categories: conforming and non-conforming. . Conforming loans carry many advantages over non-conforming loans, however at times borrowers have no other option but to choose...

Comparison: VA Loans Versus Conventional Mortgages
While you may qualify for both loans, generally there is one option will benefit you more than the other. The main differences between VA loans and conventional loans are the eligibility qualifications, mortgage insurance, and down payment. . For example, if you want to...