Conventional Loans

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Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

While many think that a 20% down payment is required for all conventional loans, many lenders now offer low down payment options as low as 3% down.

Conventional Loan Q & A:
What is the minimum down for Conventional financing?

We have Conventional loan programs available with as little as 3% down for first time homebuyers and 5% down for those who own or have owned a home within the most recent three years.

Do I need perfect credit when applying for a Conventional Loan?

No, we can go down to a 620 Fico score as long as we have an automated underwriting approval.

How long after a Bankruptcy can I purchase with Conventional Financing?

Conventional loans require a 4-year waiting period from BK-7 discharge before applying for Conventional financing however, with documented extenuating circumstances out of one’s control, I’ve
seen as little as a two-year waiting period. If BK-13 with no late payments, the waiting period is 2 years from discharge date and 4 years from dismissal date.

How long is the waiting period after a foreclosure?

After a foreclosure, Conventional financing requires a 7-year waiting period unless extenuating circumstance out of one’s control exist, which then would only require a 3-year waiting period and a
maximum 90% loan to value.

How long after a short sale or deed in lieu of foreclosure can I purchase again?

After a short sale or deed in Lieu of foreclosure, you can purchase again after 4 years or two years if documented extenuating circumstances exist.

Do I have to be a US citizen to purchase with Conventional financing?

The short answer is no, as long as you are in the US legally with a resident alien card, Daca, or one of many acceptable Visas, you are eligible to purchase.

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