5 Types of Conventional Home Loans in San Diego Conventional home loans are any type of loan that isn’t guaranteed or insured by a government agency. Although many of these loans conform to credit score and income minimums as well as loan limits that have been established by the Federal Government, conventional loans usually cost less than FHA or other government-backed loans. On the downside, qualification requirements are stricter. Here are 5 types of conventional loans to be aware of: •Adjustable-rate conventional loans – the opposite of a fixed-rate mortgage; ARM’s have interest rates that adjust annually and fluctuate up and down •Conforming conventional loans – meets the additional standards of Fannie Mae and Freddie Mac and is less than an FHA maximum loan amount •Fixed-rate conventional loans – the loan interest rate never changes throughout the mortgage term •Low-down-payment conventional loans – 20% down payments used to be the norm with conventional home loans, but not anymore. Conventional loans are now available with 5%, 3%, and even 0% down payments. •Non-conforming conventional loans – uses standards that are different than those of Fannie Mae and Freddie Mac and exceeds the limits of an FHA loan Community Mortgage 814 Morena Blvd #310 San Diego, CA 92110 (619) 692-3630 https://www.google.com/maps?cid=10479155514255890680 https://local.google.com/place?id=10479155514255890680&use=posts&lpsid=8652278136497608794