Conventional mortgage


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Conventional mortgage

A loan based on the credit of the borrower and on the collateral for the mortgage.
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The advantage for middle-class borrowers was possible in part because government-chartered firms guarantee that lenders will be paid on a conventional mortgage even if a borrower defaults.
In the past, those seeking to buy manufactured homes have had to seek financing though consumer loans, short-term loans that are usually three or four percentage points higher than a conventional mortgage.
Representatives of the four major Islamic home-finance institutions in the United States said they do not track the reasons customers choose them over conventional mortgage brokers.
However, the spread between jumbo and conventional mortgage rates is affected by more than just the different sort of homes that belong to the jumbo pool.
The remainder of the amount he would attempt to finance through the use of a conventional mortgage.
A conforming conventional mortgage is one that goes up to $322,700.
What differs from previous Ginnie Mae "choice" proposals is that this bill would cover any conventional mortgage with a loan-to-value ratio above 80 percent, up to the conforming mortgage limit, which is currently $275,000.
18 /PRNewswire/ -- Third Federal Savings, Ohio's leading mortgage provider, today reported it originated 3,874 conventional mortgage loans in the third quarter, up 29 percent from 3,003 conventional mortgage loans originated a year ago.
The diversity of the participants' goals and strategies also complicates the task: The government mortgage insurers that account for most of the risk-bearing activity in the government mortgage system are nonprofit and accept nearly all the credit risk of the mortgages they insure; the mortgage originators, insurers, and purchasers that make up the conventional mortgage system are profit-seeking and generally act to spread the risk throughout the system.
9% of conventional mortgage applications filed by blacks with banks and savings and loan associations were denied.
The company specializes in single-family mortgages, involving borrowers whose loan size, credit details or other circumstances fall outside conventional mortgage agency guidelines.
The conventional mortgage market has become such that you have to be big to survive,'' Kumin said.

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