Get Your Questions About Conventional Loans Answered
Trident Mortgage would like to answer a few simply questions about Conventional Loans: What are conventional loans? They are loans that conform to Fannie-Mae and Freddie Mac guidelines. These are companies that buy mortgages on the secondary market. What is the required down payment? As little as 3% with good credit, but most conventional loans have at least 5% down. 10% is required for 2nd. homes and at least 10% for investment (also add an additional 1/2 to 1 1/2 to the interest rate).
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Tags: Credit, Home, Loan, Mortgage, Mortgages