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.
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.
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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
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