I need to know… what is a conventional home loan?
I need to know… what is a conventional home loan? I want to apply for a mortgage. I want to get a pre-approval, so I know what price range I should shop in. When I spoke with a loan officer from my bank, she told me that I would qualify for a conventional home loan. She told me I would have to come up with a twenty percent down payment. I don’t have that much money to put down on a house. A friend of mine just got a house. She only had to put three percent down. What kind of loan did she get? How is it different from a conventional home loan? Where should I shop for a mortgage now?