|Conventional||FHA||FHA Streamline||VA||VA Streamline||Jumbo|
|Income Documents||Needed||Needed||Not Needed||Needed||Not Needed||Needed|
|Appraisal||Needed (Waiver Available)*||Needed||Not Needed||Needed||Not Needed||Needed|
|Yearly Terms||10, 15, 20, 25, 30||Any (min. 10)||Any (min. 10)||Any (min. 10)||Any (min. 10)||10, 15, 20, 25, 30|
|Min Down Payment||3%||3,50%||N/A||0%||N/A||Please Call|
|Min Credit Score||620||620||620||620||620||Please Call|
|Cashout from Equity||Up to 95% of the Value||Up to 97.5% of the Value||N/A||Up to 100% of the Value||N/A||Please Call|
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Conventional loans can be categorized in two ways: Conforming and Nonconforming Loans. There is a rather simple distinction between the two.
Conventional mortgages often meet down payment and income requirements set by Fannie Mae and Freddie Mac with a credit score of at least 620.
Knowing how to keep your monthly payments as low as possible is important when trying to figure out your perfect monthly budget for housing.
The COVID-19 pandemic has made some lenders make their requirements more stringent. See why…