Conventional Loan is a loan for which no guarantee or insurance is given by the government.

Facts about Conventional Loan:

Conventional loan requires 10% to 20% down payment and may be backed by private mortgage insurance. All the private sector loans fall in this category. Within conventional loaning, mortgage loan does not exceed 75% of the value of the property and it is subject to conditions established by lending institutions and state statutes. It is not required to be insured by government agencies such as CMHC and FHA.

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