A conventional purchase uses a home loan not backed by the government, offered by private lenders like banks or credit unions.

Key Features:

•     * Flexible Terms: Fixed or adjustable rates, with 15-30 year options.
•     * Down Payment: 3-20% (PMI required if under 20%).
•     * Credit Requirements: Typically 620+ credit score.
•     * Property Types: Covers primary homes, second homes, and investments.
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• Ideal for buyers with strong credit and financial stability seeking competitive rates.