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A Conventional Loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA). The Conventional Loan is the most common used Mortgage for its flexibility of Debt Ratios, Mortgage Insurance, and Down Payment.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 620 FICO |
| DEBT-TO-INCOME | 50% MAXIMUM DTI |
| DOWN PAYMENT | 20% WITHOUT MORTGAGE INSURANCE(MI) 3% DOWN PAYMENT WITH MI |
| OCCUPANCY | OWNER OCCUPIED | 2ND HOME | INVESTMENT |
| TERMS | 30 YEAR FIXED |
| TRANSACTIONS | PURCHASE | REFINANCE |
| ELIGIBLE PROPERTIES | SFR| CONDO| PUD| 1-4 UNITS |
| HAVE BANKRUPTCY? | MUST WAIT 4 YEARS |
| HAVE FORECLOSURE? | MUST WAIT 7 YEARS |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s & 30 DAY PAY STUBS W/ YEAR-TO-DATE |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF FED TAX RETURNS & MOST CURRENT PROFIT&LOSS STATEMENT |
| EMPLOYMENT VERIFICATION | IF W2, 2 YEARS OF VERIFIED WORK HISTORY IF 1099, 2 YEARS OF EMPLOYMENT VERIFIED BY A CERTIFIED PUBLIC ACCOUNTANT |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
● Recent college graduates only need 1 month of pay stubs
● Multiple Bankruptcies have a 6 year waiting period
● Short sale with no mortgage lates have no waiting period
● Self-employed for 5 years or more only require 1 year of tax returns
A Conventional Loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA). The Conventional Loan is the most common used Mortgage for its flexibility of Debt Ratios, Mortgage Insurance, and Down Payment.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 620 FICO |
| DEBT-TO-INCOME | 50% MAXIMUM DTI |
| DOWN PAYMENT | 20% WITHOUT MORTGAGE INSURANCE(MI) 3% DOWN PAYMENT WITH MI |
| OCCUPANCY | OWNER OCCUPIED | 2ND HOME | INVESTMENT |
| TERMS | 30 YEAR FIXED |
| TRANSACTIONS | PURCHASE | REFINANCE |
| ELIGIBLE PROPERTIES | SFR| CONDO| PUD| 1-4 UNITS |
| HAVE BANKRUPTCY? | MUST WAIT 4 YEARS |
| HAVE FORECLOSURE? | MUST WAIT 7 YEARS |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s & 30 DAY PAY STUBS W/ YEAR-TO-DATE |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF FED TAX RETURNS & MOST CURRENT PROFIT&LOSS STATEMENT |
| EMPLOYMENT VERIFICATION | IF W2, 2 YEARS OF VERIFIED WORK HISTORY IF 1099, 2 YEARS OF EMPLOYMENT VERIFIED BY A CERTIFIED PUBLIC ACCOUNTANT |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
● Recent college graduates only need 1 month of pay stubs
● Multiple Bankruptcies have a 6 year waiting period
● Short sale with no mortgage lates have no waiting period
● Self-employed for 5 years or more only require 1 year of tax returns
