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Conforming conventional loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Conventional loans are originated and serviced by private mortgage lenders like banks, credit unions and other financial institutions.
It's possible to get approved for a conforming conventional loan with a credit score as low as 620, although some lenders may look for a score of 660 or better.
Even if you can qualify for a conventional loan, though, your interest rate will largely depend on your credit score and overall credit history. The better your credit is, the less you'll pay in interest over the life of the loan. Conventional loans typically run for 30 years, but it's possible to qualify for a 15 or 20-year conventional mortgage loan.
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