A Conventional Loan program is most often utilized by a more seasoned home buyer. However, Conventional Loan also has a first time home buyer version with a minimum of only 3% down payment required rivaling FHA. Conventional Loans fall under the Conforming loan category. Conforming means that it meets and is backed by Fannie Mae or Freddie Mac. Conventional is a program that can be used for a purchase or refinance rate / term or cash-out.
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