Are you interested in buying a home using 2016 conventional loan requirements Florida?
Do I qualify for a conventional home loan?
Conventional loans require a minimum credit score of 620 to buy a home. A borrower must have a minimum of 5% down payment to be eligible for a conventional loan. Conventional loans are easier to obtain with a credit score of at least 640 or 660.
Conventional loans allow homeowners a maximum loan-to-value of 95% of the value of the home on a rate and term refinance. The maximum loan-to-value for a cash-out refinance is 85% of the value of the home for primary residence.
The Making Home Affordable Program is also available for homeowner who currently have a FNMA loan and want to refinance.
The greatest advantage of a conventional loan is that once your loan-to-value is at or below 80% mortgage insurance is not required.
Apply for a FNMA home loan.
Call us 888.958.4228
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
Fannie Mae minimum credit to buy a house or refinance
Fannie Mae loans require a minimum 620 credit score to buy a house or refinance
Freddie Mac loans require a minimum 620 credit score to buy a house or refinance
Call Now, Our Staff is Available