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A conventional mortgage loan is any mortgage which is not guaranteed or insured by the federal government.
Conventional loans were the first traditional mortgage loans made by lenders. The loans were held in the lender’s investment portfolio until they were either paid in full or foreclosed upon. Although it enabled the borrower to build a business relationship with the lender, this practice was generally not in the lender’s best financial interest. When rates rose, lenders found themselves in the position of receiving below-market interest on their loans, in addition to not being able to recycle the funds to lend to other borrowers.
Conventional Mortgage Loans can also be used to purchase rental properties using a 20% down payment on single family homes, and 25% down on multi-family properties.
FHA, RD, and VA loan programs are only designed and intended for the purchase of a primary residence only.
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