Conventional Loan

Conventional Loan

 

At a Glance

The Conventional home loan program is an ideal mortgage for borrowers with a good or excellent credit score and history. Those who meet conventional loan guidelines typically have a quicker mortgage approval process.

Here are just a few additional guidelines:


Minimum credit score of 620   |   Minimum down payment of 3-5% (can be a gift from a relative)   |   PMI varies based on credit score & LTV   |   Home Loan limit is $453,100
Seller may pay a portion of closing costs:   |   3% with < 10% down payment   |   6% with 10-24.99% down payment   |   9% with 25% down payment