Conventional
Simple, standard loan. The most popular.
• 3% Minimum Down Payment IF first-time homebuyer OR income less than 80% of Area Median Income), otherwise 5% Minimum Down Payment
• 620 Minimum Credit Score
• 45% Maximum Debt-to-Income (DTI), or 50% Max DTI with Compensating Factors (larger down payments, large cash reserves, very low debt-to-income ratios, 720+ credit score, minimal increase in housing payment)
• Lower Private Mortgage Insurance (PMI) than FHA loans (results in a lower monthly payment)
• Loan Amounts $100,000 to $726,200