Conventional mortgage

A home loan that is not insured or guaranteed by a government agency such as the Federal Housing Administration(FHA), Department of Verterans Affairs (VA) or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA).

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Private Mortgage Insurance

If you don't make a 20% down payment, you'll be required to carry private mortgage insurance, or PMI. Although you're the one who must pay monthly premiums for this coverage, it protects the lender, not you.