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What is a Conventional Home Loan?
Conventional home loans are the most common type of home loans in America. Conventional home loans are mortgage loans that are available from and guaranteed by private lenders. Conventional home loans have many options for borrowers, they can be Fixed or adjustable rate. Fixed rate mortgages have a set rate for the entire term of the home loan, whether that is 10 or 30 years. Adjustable rate mortgages, also know as ARM, have a term of 30-years with a low introductory rate for a defined period of time and increased periodically as the loan matures.
If you would like to learn more about Conventional Home Loans and their requirements you can call one of our Conventional Home Loan Experts at (303) 947-5147.
Approximately two-thirds of mortgages in America are conventional home loans.
Conventional home loans are not back by any government agencies, and therefore backed by private lenders.
Borrowers are able to choose between Fixed and Adjustable Rates
A minimum credit score requirement of 680 or higher.