What is Conventional Loan?
A non-government-backed mortgage requiring 620+ credit score and 3-20% down payment, with removable PMI at 20% equity.
A conventional loan is a mortgage not insured or guaranteed by a government agency. Conventional loans typically require higher credit scores (620+) and larger down payments, but offer competitive rates and the ability to remove PMI once you reach 20% equity. They can be conforming (meeting Fannie Mae/Freddie Mac guidelines) or non-conforming.