How Do You Qualify For A Conventional Home Loan?
Before you go mortgage shopping, make sure you qualify for a conventional home loan. There are a variety of reasons why an FHA loan doesn’t work out for everyone, and sometimes a conventional home loan is a much better bet financially. Here is how to check and see if you qualify. Be a U.S. citizen or permanent resident. It is nearly impossible to get a home loan of any type in the U.S. while on a visa without putting at least 30% down. Check your credit report before you begin. In order to qualify for a conventional home loan, you should have a minimum credit score of at least 620. Take the extra time to pull your credit score up. The best rates are found in the 700+ bracket. Shop around for first time buyer programs with local lenders. Even if you have owned a home before, you can still qualify for these programs if you have not owned a home in the past two years. Get together a down payment. Most conventional loans will require a down payment or at least 10% but some first time home
