Plus, with the ever-increasing mortgage insurance premiums on FHA loans, payments for conventional loans that dont require private mortgage insurance can be much more manageable in comparison. In addition, with a conventional loan, you can cancel your mortgage insurance when the principal loan balance drops to 78 of the homes value. FHA loans charge mortgage insurance premiums for the life of the loan. Credit scores for conventional home loans.
Requirements vary from lender to lender, but 620 is typically the minimum credit score needed to obtain a conventional loan, and 740 is the minimum score you need to get a good mortgage rate.
The term of a conventional mortgage is usually 15, 20 or 30 years. Minimum down payment on a conventional loan.
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