Conventional Home Loan Guidelines for 2013
To purchase a home with a conventional home loan Owner Occupied home our LTV (Loan To Value), Down Payment and Credit Guidelines are as follow:
- Conventional Mortgage Owner Occupied and putting 20% Down Payment Minimum FICO requirement is 620, LTV is 80%
- Conventional Mortgage Owner Occupied and putting 10% Down Payment Minimum FICO requirement is 680, LTV is 90% Maximum Loan Amount is $850,000.00 (with UGI the minimum FICO Score needed is 620 per their web site)*
- Conventional Home Loan Mortgage Owner Occupied and putting 5% Down Payment Minimum FICO requirement is 700, LTV is 95% Maximum Loan Amount is $850,000. (With UGI the Minimum FICO is 620 per their website)*
*On 2 and 3 we have capabilities to work with the MI Insurance Genworth (mortgageinsurance.genworth.com) and/or United Guaranty Insurance UGI (www.ugcorp.com) you may refer to their websites for further information and underwriting guidelines for Mortgage loans.
For the purchase of a second home aka vacation property we will be doing loans as follows:
- Conventional Home Loan Second Home 20% down payment minimum FICO score requirement 620 Credit Score and LTV is 80% or less.
- Conventional Home Loan Second Home 10% down payment minimum FICO score requirement 660 Credit Score and LTV is 90% or less.
- Conventional Second Home Mortgage there is no 5% down payment guidelines for second homes minimum down payment required is 10% for second homes.
For the purchase of an Investment Property home loan our guidelines for credit scores, down payments and LTV’s are as follows:
- Conventional Investment Property 20% down payment minimum FICO required is 620 FICO score, LTV is 80% or less.
- Conventional Investment Property 5% down payment minimum FICO required is 680 Per UGI.
For any type of occupancy whenever LTV >80% you will need mortgage insurance for conventional home loans.
The minimum documentation for conventional loan you will be needing to submit for pre-approval:
1. ID, Social Security Card and Green Card. (For conventional mortgage you must have a green card)
2. 2 years taxes, 2 years W2’s (only 1 year might be needed but we will know only until we run DU)
3. 2 months Bank statements.
4. pay stubs covering the most recent 1 month period
5. at least a 620 FICO Credit Score
We have the best Conventional Investment FICO score requirements in the market please visit our web page for more information.
If you want to start the process of the loan you will have to go to our apply page