What are the benefits of conventional loans?
An example of an AI chatbot conversation about the benefits of conventional loans.
What are the benefits of conventional loans?
Conventional loans offer lower interest rates, flexible terms, and no mortgage insurance for larger down payments.
How do they compare to FHA loans?
Unlike FHA loans, conventional loans typically require a higher credit score but have fewer restrictions on property types.
Are there any downsides to conventional loans?
Yes, they may require a larger down payment and have stricter credit requirements compared to government-backed loans.
What is the minimum credit score needed?
Most lenders prefer a credit score of at least 620 for conventional loans, but some may accept lower scores.
Can I use a conventional loan for investment properties?
Yes, conventional loans can be used for investment properties, but the requirements may differ from primary residences.
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