Which of the following is True regarding conventional mortgages?
A)They require a down payment of at least twenty-five percent.
B)They require a down payment of at least twenty percent.
C)They receive more favourable interest rates for the buyer.
D)They are a form of closed mortgage.

Question

Quizplus · Accepted Answer

Conventional mortgages typically require a down payment of at least 20%. This means that the buyer must provide at least 20% of the purchase price as a down payment, and can borrow the remaining amount from the lender. This down payment amount may vary depending on the lender and the borrower's financial situation, but 20% is a common requirement.

Which of the Following Is True Regarding Conventional Mortgages