Requirements for conventional mortgage
The requirements for a Conventional mortgage loan can vary from person to person and the lending institution that will be approving your home loan. Some banks will have more requirements but offer better program terms, while others might offer less requirements but will cost you more. With over 200 lending institutions, finding the right lending provider can be tough.
Here is where we step in. We work with these banks and lenders every day. We know from experience what banks need, want and require and after in-taking your information, we will get you pre-qualified for the best program available.
We have personally helped domestic buyers and buyers from all over the world get conventional mortgages. We can assist anyone, our goal is to help you get approved.
To qualify for a Conventional Mortgage Loan, you need:
- Have a credit score of 620 and more.
- You debt-to-income ratio (DTI) needs to be below 43% for a conventional loan. Although we have Lenders that would accept up to 50% DTI with other qualifying factors. Your DTI calculates by taking the total amount of your existing monthly debts (like rent, car payment, credit card payments, student debt, etc.) divided by your pre-tax monthly income.
- Be ready for the Down payment. While many conventional loans don’t require a big down payment, the more money you put down, the better your chances of qualifying for a lower interest rate. You can get a Conventional Loan with as low as 3% down, but in order to avoid paying Mortgage Insurance, you’ll need at least 20%.
- Fill out our Application online to get Pre-approved! We will check your Credit Score, Debt-to-income ratio and see what you qualify for.
- Get ready to go Home shopping!
Requirements for conventional mortgage – Final Takeaway
-> We specialize in Conventional Mortgage Loans in Florida, we are professionals and will help you pick the best program and offer.
-> We have many types of loan programs that help you invest and buy real estate.
The best thing you can do is contact me today to help you get questions answered and get the process started on obtaining a conventional mortgage loan.
The quicker we intake your information, the faster we can work with our lending institutions on getting your loan approved.