An ordinary loan, also known as a conventional loan, is a type of loan that is not insured or guaranteed by a government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). Ordinary loans typically have fixed interest rates and are used for various purposes, including:
To qualify for an ordinary loan, borrowers typically need to meet certain requirements, such as:
- Good credit score
- Stable income
- Reasonable debt-to-income ratio
- Sufficient collateral (for secured loans)
Keep in mind that specific requirements may vary depending on the lender and the specific loan terms.
