Amanda StaplesNMLS #: 2182270

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Conventional Loans

Conventional loans are for borrowers with credit scores above 620 and only require 3% down. They are also not guaranteed or insured by the Federal Housing Administration (FHA), the Farmers Home Administration (USDA), or the Department of Veterans Affairs (VA). Conventional loan terms typically range from 10 to 30 years.Conventional loans typically have a fixed interest rate. That is, the loan will have a single interest rate that will apply for the duration of the loan. There are, however, adjustable-rate conventional mortgages, which fluctuate with the prime lending rate.

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