Summary
The most common home loan. Conventional loans conform to the guidelines of Fannie Mae and/or Freddie Mac. Conventional loans can be used for first home, second home, or investment homes.
Qualifications
Minimum Down Payment
3% of sales price (can be gift from family member)
Minimum Credit Score
620
Max Debt-To-Income Ratio
50%
Non-Occupant Co-Borrower
Allowed
Mortgage Insurance
Optional (can be built into loan)
Eligible Property Types
Single family residence, 1-4 unit, townhouse, condo, PUD, modular, and manufactured homes
Max Loan Amount
$548,250