FHA Loans Wilmington NC

A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as FHA, VA or USDA. It is typically fixed in its terms and rate. A conventional loan is limited up to the national conforming loan limit which changes from time to time ($625,000 as of January 2022). Conventional loans typically require a minimum 5% down payment though some first-time buyers are eligible for a reduced 3% down payment. Most all conventional loans with less than 20% down payment will require mortgage insurance.

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