Conventional loans are the best option for borrowers with a good credit history and enough money for the 20% down payment.
A conventional loan is the most common form of mortgage in the U.S market. Conventional mortgages get it's name from the fact that they are not insured by any government agency as opposed to FHA loans and VA which are guaranteed by HUD and Veterans’ Administration respectively.
Most of the conventional loans in the U.S are Fixed Rate Mortgages where the interest rate is fixed for the entire term of the loan(generally thirty years). There are also Adjustable Rate Mortgages where the interest rate fluctuates on par with a predefined index.
