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Mortgage glossary
Conventional Loan
A mortgage that is not insured or guaranteed by a federal government program such as FHA, VA, or USDA. Some conventional loans follow Fannie Mae or Freddie Mac guidelines; others do not. Credit, down payment, and other requirements vary.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.