What are the requirements for a conventional loan?

What are the requirements for a conventional loan?

To qualify for a conventional loan, you typically need a credit score of at least 620, a debt-to-income ratio under 43%, and a down payment of 3% to 20%.

Is there a minimum down payment I need to make?

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

What credit score do I need to qualify?

Most lenders require a minimum credit score of 620 for a conventional loan, but higher scores can improve your chances and terms.

Are there any income requirements?

While there isn't a specific income requirement, your debt-to-income ratio should generally be below 43% to qualify.

Can I use gift money for the down payment?

Yes, you can use gift money for your down payment, but you'll need to provide a gift letter to your lender.