Troy Gamble Fairway Home Mortgage Washington

    What is a Conventional Loan?

    If you have good credit and stable income, a conventional loan might be the right option for you.

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    Conventional Loan Benefits

    Conventional loan programs traditionally offer several advantages for qualified borrowers:

    Lower interest rates for borrowers with good or great credit
    Flexible mortgage insurance options, if applicable (mortgage insurance not always necessary)
    Fewer penalties and fees
    Flexible loan terms
    Down payments range from 3% - 20%

    Conventional Loans vs. FHA Loans Highlights

    For people with better or more established credit profiles and low levels of debt, it may be advantageous to choose a conventional loan over an FHA loan.

    For those who may not have as much established credit, a lower credit score or who may have slightly higher levels of debt, an FHA loan might be the cheaper option over the life of the mortgage loan. This often, but not always, includes first-time homebuyers.

    Conventional Loan FAQs

    In competitive markets, conventional buyers can gain a significant advantage by upgrading their offer to cash—learn more about how to win the bidding war with Fairway's Cash Guarantee.

    Not sure which program is right for you?

    That's what we're here for. Schedule a quick consultation and we'll help you navigate the choices without the jargon.

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