conventional mortgage

A conventional mortgage is a type of home loan not insured or guaranteed by the government, such as the FHA or VA. It is typically offered by private lenders and usually requires a down payment, often around 3% to 20%. Borrowers repay the loan over a set period, commonly 15 or 30 years, through monthly payments covering principal and interest. Conventional mortgages often have stricter qualification criteria based on credit score and income. They are suitable for many homebuyers, offering competitive interest rates and terms, but may require private mortgage insurance (PMI) if the down payment is less than 20%.