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Conventional Home Loans
Low down payment required (3 percent minimum), however the Mortgage Insurance may be higher. 5 percent down is the norm.
Mortgage insurance is required for loans exceeding 80 percent
Conventional mortgage insurance is only monthly or single premium
Conventional mortgage insurance will automatically end at 78 percent loan-to-value or can be requested to be removed when the loan-to value hits 80%
Conventional mortgage insurance is credit sensitive
Can go as low as 620 Credit score
Conventional loans can cover much higher loan amounts
Even though conventional loans may have higher interest rates, their monthly payments may still be lower.
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