A conventional loan in Miami might be the perfect option if you plan to buy a home or invest in property. Government agencies do not back conventional loans, so they have fewer restrictions but require solid financial credentials. The benefit? Lower interest rates for qualified borrowers can save you significant money over time. What Is a Conventional Loan? Before discussing qualifications, it’s essential to understand what a conventional loan is and how it differs from other loan types. 1. Not Government-Backed Private lenders issue conventional loans and are not insured by government entities like the FHA, VA, or USDA. This means borrowers must meet stricter criteria, but the terms are often more flexible for those who qualify. 2. Low Interest Rates One of the biggest advantages of conventional loans is the competitive interest rates. For borrowers with good credit and financial stability, these loans often have lower rates than government-backed options. 3. Variety of Options Conve...