A conventional loan is a type of mortgage loan that is not insured or guaranteed by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, it is issued by a private lender, such as a bank or credit union, and follows guidelines set by government-sponsored enterprises like Fannie Mae or Freddie Mac.
Pros of a conventional loan:
Cons of a conventional loan:
It's important to note that the advantages and disadvantages of conventional loans can vary based on individual circumstances, and it's always recommended to consult with a mortgage professional to determine the best loan option for your specific needs.
A conventional loan is a type of mortgage loan that is not insured or guaranteed by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Instead, it is issued by a private lender, such as a bank or credit union, and follows guidelines set by government-sponsored enterprises like Fannie Mae or Freddie Mac.
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