What are the eligibility requirements for a conventional loan?

What are the eligibility requirements for a conventional loan?

To qualify for a conventional loan, you typically need a credit score of at least 620, a stable income, and a debt-to-income ratio below 43%.

Is there a minimum down payment required?

Yes, the minimum down payment for a conventional loan is usually 3%, but putting down 20% can help you avoid private mortgage insurance (PMI).

What documents do I need to provide?

You'll need to provide proof of income, tax returns, bank statements, and details about your debts and assets.

Can I get a conventional loan with a low credit score?

It's challenging, but some lenders may offer options for borrowers with credit scores between 580 and 620, though terms may be less favorable.

How long does the approval process take?

The approval process for a conventional loan typically takes about 30 to 45 days, depending on the lender and your financial situation.