Conventional Loan
DETAILS: The mininum fico score for Conventional loans is 640. The Conventional loan comes allows you to purchase a single family home, town homes, and select condos with only 3% to 5% down. The maximum DTI (Debt to income ratio) is about 50% so you would be looking to qualify for slightly less with this loan as opposed to the FHA alternative.
This option is available for first time and non-1st time home buyers and is a great way to get into a home with a lower down payment.
This calculator is provided for informational purposes only and is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. NMLS#1533396