A Conventional loan, also known as a normal, standard, or conv loan, is the quintessential 30yr fixed mortgage everyone’s familiar with. For reasons, this product typically has the lowest rates, lowest fees, and most flexibility. In exchange, a conventional loan must conform to rigid guidelines w/ little room for exceptions. Outside of creative tricks, if a brw, property, or scenario deviates too far from the universal checklist, lenders won’t approve the loan.

“Normal”, “Standard, and “Basic” loans redirect here. For the page summarizing all common loan types, see List of Loan Types.

Outline & Ideas:

Perhaps the most confusing of all the lingo is the use of the word “Conventional”.