Conventional mortgage loans are the most common type of mortgage loan.  Conventional mortgage guidelines are not as flexible as other mortgage loans with higher credit score requirements and higher down payments.

Conventional Mortgage Loan Features

• 5% minimum down payment.

• Seller can pay up to 3% of the sale price towards your closing costs.

• Monthly mortgage insurance (PMI).  Mortgage insurance is not required with 20% or larger down payments.

• Loan Limit is $417,000.

• No geographic restrictions.

General Requirements

• Credit score minimum of 620*

• No previous mortgage loan or late rent payments in the past 12 months.

• No foreclosure in the past 5 years.  Must have re-established credit.

• No bankruptcies in the past 24 months.  Must have re-established credit accounts.

• All court ordered judgments, delinquent liens and collections MUST be satisfied prior to closing.

*Determined by automated underwriting system.  Additional charges apply to credit score less than 720.