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Conventional mortgages are typically mortgages that are backed by one of two government sponsored enterprises; Fannie Mae, and Freddie Mac. Traditionally when people think conventional loan, 20% down and 700+ credit score comes to mind. But now there are conventional loans that only require 3% down, as well as credit scores down to 620.
APPLY FOR A CONVENTIONAL MORTGAGE
Highlights of a Conventional Loan
3% Down Payment Option available
You can now get a conventional mortgage with a low as 3% down payment.
Low Credit Score Requirements
Credit scores as low as 620 from various lenders.
Private Mortgage Insurance
If you do put down less than 20%, you may be required to have Private Mortgage Insurance
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