Restrictions may not make these a viable option for everyone. However, the low down payments, fees or interest rates may make them attractive to some who qualify.
Conventional loans are not government backed and include Fannie Mae and Freddie Mac mortgages. Conventional loans offer greater flexibility in qualifications and property selection as well as loan structure, but will often come with higher down payment requirements. There are four main factors considered when exploring conventional loan options: (1) Debt-to-Income Ratio, (2) Desired Down Payment, (3) Credit Score and (4) Prospective Properties. If you hear of conforming versus non-conforming loans, this is referring to whether the loan must conform to underwriting standards set by Fannie Mae or Freddie Mac.
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