· A conventional mortgage or conventional loan is any type of homebuyer’s loan that is not offered or secured by a government entity, like the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) or the USDA Rural Housing Service, but rather available through or guaranteed a private lender (banks, credit unions, mortgage.
WIth your credit scores, a conventional loan will be a tough go. I suggest an FHA. We lenders don’t require you payoff or to consider them in your DTI on this loan product. Open collections are different. First, we disregard all medical bills and any collections under $2,000.00.
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