SEPTEMBER 29, 2014
by DAN GREEN
According to mortgage origination software maker Ellie Mae, nearly two-thirds of August’s closed loans were financed with conventional loans, with the majority of the remaining closed loans spread across FHA loansand VA loans.
A small percentage of August’s closed loans were linked to portfolio and jumbo loans.
WHAT IS A CONVENTIONAL MORTGAGE?
A conventional mortgage is a home loan which is not explicitly guaranteed or insured by a government agency. Conventional mortgages are typically backed by Fannie Mae or Freddie Mac, but not always.