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You are here: Home / Conventional Loan

Conventional Loan

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 $766,550

 

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© 2025 Elegant Loans, Corp.
5811 Memorial Hwy #201
Tampa, FL 33615
+1 727 734 5051
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