• A conventional mortgage or conventional loan is a home buyer’s loan that is not offered or secured by a government entity.

• It is available through or guaranteed by a private lender or the two government-sponsored enterprises—Fannie Mae and Freddie Mac.

• Potential borrowers need to complete an official mortgage application, supply required documents, credit history, and current credit score.

• Conventional loan interest rates tend to be higher than those of government-backed mortgages, such as FHA loans.

 

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