"I was told I am eligible for a conventional mortgage. What is a conventional mortgage, why am I eligible, and how does it affect my payments?"
A conventional mortgage is one that is not insured by FHA/HUD and it is not guaranteed by VA. FHA and VA are government insured loan programs where conventional loans are not.
There are many types of mortgages used worldwide, but conventional mortgages are the most popular for several reasons, some of which may be subject to local regulation and legal requirements.
