What is a Conventional Mortgage?
Conventional Mortgage is the most common mortgage product in the United States. Originally created to help Americans achieve homeownership with the 30 year fixed program. Conventional loans are often the best option for borrowers with strong credit who can contribute a down payment of at least 3%, or perhaps quite a bit more. Conventional loans aren't limited to borrowers based on income, location or military status. Anyone who is able to meet a lender's standards is eligible for a conventional mortgage.