Loan programs
Conventional loan
A loan not insured or guaranteed by a government program
The default category: everything that is not FHA, VA or USDA. Conventional loans that meet the size and underwriting standards of the major secondary market purchasers are called conforming; those that exceed the limits are jumbo.
How the exam asks about it
Defined by what it is not. That negative definition is itself an examinable point.
Related terms
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