Most conventional loans are conforming, which means they must conform to loan limits.. FHA purchase loans can be fixed-rate (the 203b mortgage loan, which.
Fha Mortgage Calculator Florida Meaning Of Conventional Loan Usually, a conventional mortgage is a 30-year fixed rate loan. That means it has a fixed interest rate for the 30 year term of the mortgage. Conventional mortgages also typically require at least a 20 percent down payment. For example, if a house costs 0,000, the lender will provide a loan for 80 percent of that amount.