Conventional Mortgages

For many homeowners, conventional mortgages are a popular choice, particularly in a high-cost area such as California.

A conventional mortgage is one that is not guaranteed or backed by the federal government such as an FHA or VA loan. However, conventional mortgages are usually conforming mortgages which means they conform to Fannie Mae and Freddie Mac to be sold on the secondary market.

Conventional mortgages may have stricter requirements than government-backed loans such as FHA and VA loans.

Down payments can vary on a conventional mortgage. However, if you have less than 20% to put down or your Loan to Value (LTV) is higher then 80% you will be required to have Private Mortgage Insurance also known as PMI.

Conventional Mortgage Requirements:

  • Credit score: 620+
  • Debt-to-income ratio: Under 50%
  • Loan size: $548,250 except for high-cost areas of the country that have higher loan limits, ranging up to $822,375 for 2021.
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