1. Am I ready to own a home? You may be ready to buy a home if you have a good credit score, money saved up for a down payment and closing costs and make a stable income. However, answering this question requires more than just a knowledge of home loan types, down payments and credit scores.…

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1. Conventional loans A conventional loan is any mortgage that’s not backed by the federal government. Conventional loans have higher minimum credit score requirements than other loan types — typically 620 — and are harder to qualify for than government-backed mortgages. Borrowers who make less than a 20% down payment are typically required to pay private mortgage insurance (PMI)…

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