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Conventional Home Mortgages
A conventional home mortgage is a home loan for amounts below the conventional loan limit of $417,000. Conventional home loan guidelines typical require a minimum down payment of five percent on owner-occupied (non-rental) properties. However, some conventional home mortgage programs may require less money down or no money down. Note that most lenders will require you to acquire private mortgage insurance (P.M.I.) if the down payment on your conventional mortgage is less than 20 percent. Conventional loan guidelines tend to be strict but in return conventional home mortgage rates for 30 year and 15 loans are among the lowest.
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