What is a Conventional Loan?

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A Conventional Loan is any loan that is not a government loan. An example of a government loan would be a VA loan, an FHA loan, or a USDA loan. These loans are all guaranteed or insured by the government.

There are two types of conventional loans: A conforming loan and a non-conforming loan.

A conforming loan would be those that meet the guidelines of Fannie Mae and Freddie Mac.

An example of a non-conforming loan would be a jumbo loan, or a bank portfolio loan, basically anything that does not meet Fannie and Freddie guidelines.

While this information can get very confusing, the best thing to do would be to contact a Mortgage Loan Originator at Morgan Financial to review your options and choose one best suited for your specific situation.

Do you have a home loan related question that you want answered? We want to hear from you! Contact Us Today!

Joe

Chief Operating Officer

Joe Harris is the COO of Morgan Financial, where he oversees operations, sales, and marketing to ensure a fast, enjoyable, and consistent mortgage experience. With more than 25 years in the industry and over $1 billion funded, Joe combines deep expertise with a passion for helping clients achieve homeownership. He is also dedicated to training and equipping loan officers with the tools and strategies they need to thrive in a competitive market.

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