Conventional Home Loan requirements

conventional_loan

Conventional Loan – What is a conventional mortgage and requirements?

A conventional loan is perfect mortgage for home buyers that have very good to excellent credit and can afford a down payment of 3% or more. A conventional loan is a mortgage that is not guaranteed or insured by any government agency. Also, a conventional loan follows the underwriting mortgage guidelines of either Fannie Mae or Freddie Mac, which are both publically held corporations and not part of the federal government.

Two Types of Conventional Loans – Conforming Versus Non-Conforming Loans

A conventional loan may be either a “conforming” loan or “non-conforming” loan based on the mortgage amount and type of dwelling (1 to 4 family) as set by Fannie Mae and Freddie Mac. A loan may still be considered a conventional mortgage loan even though the loan amount exceeds the limits set forth by and Freddie mac.

Conventional Loan Requirements

Income – Your income needs to be considered stable, full, regular, and timely payments.*

Credit Score – Credit score is a factor in determining whether you qualify for a conventional loan. If you have some credit issues or not sure if you have adequate credit to qualify, then you should strongly consider getting pre-approved for a mortgage.*

  • If you have had a Prior Bankruptcy, Multiple Bankruptcies or Foreclosure, then take a minute to review your circumstances with a Loan Officer.

Conventional Loan Limits – Conforming Mortgage - as determined by the Federal Housing Finance Agency.


The University of North Carolina Press Dispossession: Discrimination against African American Farmers in the Age of Civil Rights
Book (The University of North Carolina Press)
  • Used Book in Good Condition

Real Estate Question for those who may know

2012-06-16 11:28:45 by -

Why would a listed house only accept a Cash offer or Conventional Loan offer? What is wrong with an FHA loan or what requirements make an FHA loan hard to work with? The realtor said that the owners of one of the homes we really liked didn't want an appraisal. But if they were hiding something wouldn't they really not a home inspection? I'm tired and frustrated right now.

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