Conventional Loan Requirements

Conventional loans are the most common type of mortgage and aren't backed by a government agency. Here's a general look at what they typically require.

Credit Score

Many conventional loans look for a credit score around 620 or higher, with the best rates going to buyers with stronger credit.

Down Payment

Down payments can start as low as 3 percent for qualified buyers, though putting 20 percent down avoids private mortgage insurance.

Debt-to-Income Ratio

Lenders review your monthly debts relative to your income to make sure the payment fits comfortably in your budget.

Stable Income and Assets

You'll typically document steady income and enough funds for your down payment, closing costs, and reserves.

See What You Qualify For

As your REALTOR, I can connect you with lenders who'll review your details and find the right conventional program. Reach out and we'll get started.