CONVENTIONAL Loans

The Conventional Purchase program has very competitive pricing compared to some other programs available. This can make a big difference in your monthly mortgage payment and even the interest you will pay over the life of the loan. The maximum loan amount is $417,000.

A common misconception about conventional loans is that you need 20% downpayment in order to qualify. The reality is conventional financing allows you to Purchase with as little as 3% equity in combination with financed, monthly, or lender paid mortgage insurance. As it is the case for refinancing as well.

Do I Qualify for a CONVENTIONAL Loan?

Please note that your personal situation is likely unique and the list below is by no means meant to supersede the documents requested by a mortgage professional who has personally reviewed your individual situation

• Minimum credit score 620

• Total debt to income ratio under 45%

• Housing debt to income ratio under 35%

• No recent major derogatory credit - bankruptcy, foreclosure or a short sale

• Need to verify your down payment and get funds from an allowed, documented asset source

• Verifiable income, typically 2 years worth, with exceptions for recent graduates and other major life events