Finance
In South Carolina, a 'conventional' mortgage differs from a government-backed loan in that it:
AHas a shorter loan term
BIs not insured or guaranteed by a federal government agency✓ Correct
CAlways requires 20% down
DIs originated only by commercial banks
Explanation
A conventional mortgage is not insured or guaranteed by a federal agency (FHA, VA, USDA). It may be conforming (meets GSE guidelines) or non-conforming (jumbo), and can have various down payment requirements.
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