Conventional Loans

The Conventional Loan is generally for people who have good credit scores, a steady income source and have saved up a nice chunk of change for a down payment.

What Are Conventional Loans?

Conventional loans are a great tool for anyone with a good credit history as well as a steady job or self-employment income. These types of mortgages are not backed by the government so that means there is a greater risk for your lender and more requirements for the borrower.

Whether you’re a first-time homebuyer or looking at purchasing a multi-unit structure, there is a conventional loan that’s going to meet your needs. However, you should note that your debt-to-income ratio should not exceed 50% regardless of your credit history and income.

Conventional Loan Requirements at a Glance

There are a number of types of conventional loans based upon the property you are looking to purchase and other factors. The following requirements are minimums for conventional loans.

  • You should have a credit score of 640 or more.
  • First-time homebuyers can qualify for a 3% down payment.
  • Other buyers can qualify for a 5% down payment.
  • Multi-unit buyers will need to put down approximately 20%.
  • All buyers putting down less than 20% must pay for private mortgage insurance.
  • W2 slips and pay stubs or bank statements if you are self-employed

How to Get a Conventional Loan

You need a solid credit history and income history to qualify for a conventional loan. Please give us a call for a free consultation to find out more.

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