What are conventional loan requirements?
Lenders check your credit, income, debts, savings, and the home. The rules depend on the loan program and lender. No single score or down payment guarantees approval.
What this actually means.
You need income the lender can verify, funds from an allowed source, and a home that meets the loan rules. The lender reviews your monthly debts and any required savings left after closing. Credit, income history, and reserve rules vary by program and underwriting method. Fannie Mae’s automated review, called DU, has no minimum credit score rule, but a lender or mortgage insurer may set one. Conforming loans must also fit the county limit for the home’s unit count.
What this looks like on a real file.
Where this can move.
Credit, income type and stability, debt ratio, reserves, automated underwriting findings, and lender overlays can change the answer.
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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. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.