Which of these statements about a conventional mortgage loan is true?

A. Borrowers with larger down payments and higher credit scores are most likely to select a conventional mortgage.
B. Conventional mortgages are non-conforming.
C. FHA imposes loan limits (maximum loan amounts) on conventional mortgages.
D. The government insures up to 25% of conventional mortgages for qualifying buyers.

Question

29-07-2024
Business

Answered

Which of these statements about a conventional mortgage loan is true?

A. Borrowers with larger down payments and higher credit scores are most likely to select a conventional mortgage.
B. Conventional mortgages are non-conforming.
C. FHA imposes loan limits (maximum loan amounts) on conventional mortgages.
D. The government insures up to 25% of conventional mortgages for qualifying buyers.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-29T09:01:54-04:00

Final answer:

Conventional mortgages are preferred by borrowers with larger down payments and higher credit scores due to better terms and rates compared to FHA loans.

Explanation:

Conventional mortgages are typically chosen by borrowers with larger down payments and higher credit scores as they offer better terms and rates compared to other types of mortgages like FHA loans. Conventional mortgages are conforming loans that adhere to the guidelines set by Fannie Mae and Freddie Mac. The government does not insure conventional mortgages; instead, private mortgage insurance is often required for loans with less than a 20% down payment.

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