- It's a type of loan used to buy a piece of real estate. It's protected by a first mortgage on the property and doesn't involve any federal agency as a guarantee
- The couple decided to finance their new house with a conventional loan from a local bank.
- Since they had strong credit, they opted for a conventional loan rather than a government-backed option.
- The broker explained that a conventional loan often requires a higher down payment compared to other types of mortgages.