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Conventional loans are also available with low down payment requirements (with qualifying credit requirements). Conventional loans are backed by Fannie Mae or Freddie Mac and in some cases a portfolio bank.
Conventional loans can be used to finance 2nd homes, investment properties, single family residences and condos. Conventional loans with 80% or lower LTV (Loan-to-Value) ratio will not require mortgage insurance added to the payment.
Conventional loans are also a good option when considering a condo that is not approved by FHA or VA. Conventional loans can be financed as a 10 to 30 year fixed, as well as 7/1, 5/1, 3/1, and a 1/1 adjustable rate mortgages (ARMs.)