2017 Conventional loan requirements Florida

Are you interested in buying a home using 2017 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.

• My Community program requires a minimum down payment of 5%. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income for the subject property’s location.
  
• Home Possible® program requires a minimum down payment of 5%. First Time Home Buyers must participate in a home ownership education program. 40-year fixed rate Home Possible® mortgage.
• Community Solution loans provide additional flexibilities for teachers/educational institution employees, firefighters, police, healthcare workers and military personnel.
  
• HomeChoice loans offer borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers.
• HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

Fannie Mae refinance

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.

Apply Now!

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.

We look forward to working with you.