What is Conventional Loan? | REAL-ESTATE-SALESPERSON Exam Prep

A conventional loan is a mortgage not insured or guaranteed by a government agency (unlike FHA, VA, or USDA loans), typically requiring a 20% down payment to avoid private mortgage insurance (PMI). 📚 Learn more about Conventional Loan and other key terms for your REAL-ESTATE-SALESPERSON exam at Open Exam Prep. 🎯 This term appears on: REAL-ESTATE-SALESPERSON 🔗 Full glossary: https://www.open-exam-prep.com/glossary 🔗 Conventional Loan definition: https://www.open-exam-prep.com/glossary/conventional-loan 💡 Exam Tip: Conventional = NOT government-backed. PMI required if less than 20% down. PMI can be removed at 20% equity. FHA MIP stays for life of loan! --- #real-estate #examprep #financeexam #real-estate-salesperson