What is a conventional loan?
An example of an AI chatbot conversation about conventional loans and their features.
What is a conventional loan?
A conventional loan is a type of mortgage that is not backed by a government agency. It's typically used for purchasing homes.
What are the requirements for getting a conventional loan?
Requirements usually include a good credit score, a stable income, and a down payment of at least 3%.
How does a conventional loan differ from an FHA loan?
Unlike FHA loans, conventional loans are not insured by the government, which can lead to stricter credit requirements.
What are the advantages of a conventional loan?
Advantages include potentially lower interest rates, no mortgage insurance with a 20% down payment, and more flexible terms.
Can I refinance a conventional loan?
Yes, you can refinance a conventional loan to potentially lower your interest rate or change the loan term.
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