Conventional vs. Government Mortgage Loans, Part 1

There are many types of home mortgages from which New Hampshire home buyers can choose. The type you ultimately select usually depends on:

• the length of time you think you'll be in your new home
  
• your other financial obligations
  
• your credit history, and
  
• your long-range goals
  

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Conventional Loans

A conventional loan is simply mortgage program sponsored by a quasi-government agency (Fannie Mae, Freddy Mac, etc.) or a company that sells mortgage backed securities on the bond market. We offer hundreds of conventional programs that come in different forms:

• fixed-rate
  
• adjustable
  
• hybrid, combination, or other type
  

At least one is bound to be just right for you; often, our borrowers have several programs from which to choose.

Conventional loans may be easier to qualify for than government-backed loans, and they:

• often require less paperwork
  
• typically have high maximum loan limits
  
• have a variety of documentation options
  

Next time, we'll discuss conventional loans in greater detail. After that, we'll look at government loan programs.