The majority of home buyers utilize the conventional loan. It is the best financing available for borrowers who meet the requirements.
A conventional loan is a loan which is not guaranteed or insured by the government. Today it typically refers to a loan which conforms to the rules of Freddie Mac or Fannie Mae. How do you know if you want a conventional loan? As long as you have good credit and at least 5% down, this is probably the right loan for you. You need at least a 680 credit score to put less than 20% down. A 620 is fine for any down payment of 20% or greater.