What Is a Conventional Mortgage. A conventional mortgage is a home loan that isnt guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac typically require down payments of at least 3. Borrowers who put at least 20 down do not have to pay mortgage insurance premiums, which are typically required with FHA loans.
Compare FHA and conventional mortgages. Loans guaranteed by the Federal Housing Administration, or FHA loans, aim to make buying homes more affordable for low- to middle-income families, with relaxed lending standards, down payments as low as 3.
5 and competitive rates. Two other loan programs backed by the federal government have similar aims: VA loans are guaranteed by the U. S Department of Veterans Affairs and are available to active military and veterans only.
The repayment amount is based on the variables selected, is subject to our assessment and suitability, and other important terms and conditions apply. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Why choose MoneyMe. You get more with MoneyMe. Cheaper loans tailored to your credit profile and history. 5 minute application.
Cash loan application straight away. Applying online with Rapid Loans is easy. Weve made it so there are just a few simple screens from start to finish. If you have your documents on hand, you can complete your application in just a few minutes. Once you send your application, it goes straight to our loan consultants theyll be in touch within 3 business personal loan retired. Once you have read our privacy agreement document, the simple online application steps: Tell us how much youd like to borrow and why.
Supply your name, address and contact details. Input the bank you usually work with. Upload your ID and financial documents.