What can stop me from getting a conventional loan?
Common stoppers: credit score below the lender's floor (commonly 620), recent late payments or collections, DTI too high without compensating factors, unstable or unverifiable income, unsourced large deposits, condo project not warrantable, low appraisal, loan amount over the conforming limit without jumbo qualification, property condition issues, and lender overlays tighter than Fannie/Freddie.
Plain-English explanation
Borrower-side stoppers: credit (recent lates, fresh bankruptcy or foreclosure inside the seasoning window, high credit-card utilization), income (gaps, brand-new self-employment, declining trends), DTI without strong reserves, large deposits without documentation. Property-side stoppers: appraisal flags, condo project failing warrantability, loan amount over the conforming limit. Program-side stoppers: insufficient reserves on multi-financed-property files, second-home occupancy intent that doesn't hold up. Lender-side stoppers: overlays above Fannie/Freddie.
What can change the answer?
Credit, income type and stability, debt ratio, reserves, automated underwriting findings, and lender overlays can change the answer.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Requirements
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.