Loan Programs Explained: Conventional, FHA, VA, and USDA

Conventional Loans Conventional loans aren't backed by a government agency — they're funded by private lenders and typically sold to Fannie Mae or Freddie Mac. They offer the most flexibility: down payments as low as 3% for qualified first-time buyers, no upfront mortgage insurance premium, and private mortgage insurance (PMI) that automatically cancels once you …

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