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A "conventional loan" is money that you borrow from a bank or other lender to buy a house, but it's not backed up by the government. That means that you have to meet certain requirements, like having a good credit score and a steady income, to be approved for the loan.
For example, if you want to buy a house for $200,000, you might apply for a conventional loan from a bank. If you're approved, you'll have to pay back the loan over time, plus interest.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Oh, a "conventional loan" is quite a big deal,
It's money you borrow to buy a house, for real!
But it's not backed up by the government, you see,
So you'll have to meet some requirements, quite carefully.
You'll need a good credit score and income steady,
To show the lender you're responsible and ready.
If you pass all their tests and they give you the nod,
You can buy your dream house and thank the bank, oh my gosh!