Posted on: 31st May, 2007 09:54 pm
What is conventional mortgage? how does it differ from normal mortgage
Hi Jenkin,
Conventional mortgage are generally insured by Private insurance companies whereas other home loans are insured by government agencies like FHA and Department of VA.
Conventional mortgage are generally insured by Private insurance companies whereas other home loans are insured by government agencies like FHA and Department of VA.
Fannie Mae and Freddie Mac set the loan limit for the conventional mortgage.
Hi Jenkin,
Welcome to our community.
Conventional mortgage is a type of first mortgage made by an institutional lender like a bank or trust company. Generally, the loan amount does not exceed 75% of the lending value of the mortgaged property. The rate of interest for this type of loan may vary with different states as they have various interest limits.
Please refer this article "Conventional Mortgage" to collect more knowledge on this.
Thanks
Welcome to our community.
Conventional mortgage is a type of first mortgage made by an institutional lender like a bank or trust company. Generally, the loan amount does not exceed 75% of the lending value of the mortgaged property. The rate of interest for this type of loan may vary with different states as they have various interest limits.
Please refer this article "Conventional Mortgage" to collect more knowledge on this.
Thanks