Conventional loans are mortgage loans offered by non-government sponsored lenders Fannie Mae and Freddie Mac. These loan types include:
Fixed Rate Loans
Adjustable Rate Loans (ARMs)
Combination (Hybrid) Loans
Balloon Mortgages
Reverse Mortgage
Lender Paid Mortgage Insurance Program
You can avoid Private Mortgage Insurance (PMI) with 20% equity in your property or Lender Paid Mortgage Insurance. The minimum down payment for these loans is 5% of the purchase price. You can qualify for these loans just two years out of bankruptcy.
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