2007-10-24 11:49:55 · 3 answers · asked by . 3 in Business & Finance ➔ Renting & Real Estate
Conventional has nothing to do with loan amount.
Conforming loans go up to 417,000....but this has nothing to do with a conventional mortgage.
Conventional mortgages are cookie cutter loans that require regular documentation such as paystubs, bank statements, tax returns, etc. Government loans arent conventional loans. Conventional loans arent guaranteed.
Stated loans are called ALT-A loans....alternative documentation.
2007-10-24 15:42:30 · answer #1 · answered by Anonymous · 0⤊ 1⤋
A conventional mortgage has nothing to do with the borrower being on a fixed income. It's generally a fixed rate loan with at least 20% equity in the property, less than $417,000, and for a term of 15 - 30 years and no mortgage insurance. A conventional mortgage is the most common type of mortgage.
2007-10-24 12:01:35 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
A conventional loan is a home loan for a fixed number of years. It is a type of home mortgage loan used to purchase a house or townhome or condo. I am on a fixed income and I got a 30 year conventional loan to buy my house with.
2007-10-24 11:59:41 · answer #3 · answered by Anonymous · 1⤊ 1⤋