Conventional

Conventional loans are probably the most popular loan of all and are used to purchase or refinance single family houses, 2-4 family houses, condominiums, planned unit developments and vacation homes. They are generally available in 10 to 40 year terms.

As opposed to an FHA or VA loan, a conventional mortgage is not insured or guaranteed by the federal government.

Minimum down payments are generally 5%, but it is possible to do less. Loans with 20% down payments don't require the additional expense for mortgage insurance. They usually adhere to Fannie Mae/Freddie Mac approval guidelines.