Forgotten Your Password?

Need to Register?

Question Icon

What are the qualifications to receive a conventional home loan. I have a 700 fica score and 4% down payment.

by ronnie.mccall344 from Detroit, Michigan. Apr 12th 2017 Reply


Ray Antonelli (Focused)
#3 ranked lender in Ohio - 52 contributions

Hi Ronnie,The 3 qualifications are:1) Credit and how well you pay.2) Debt Ratio which is the ratio between your gross monthly income and the items that show up on your credit report like car payments, credit card payments and mortgage payments. This ratio normally cannot exceed 45%.3) Loan to Value or LTV for short.FHA allows only 3.5% down. If you have 4% you're covered.Call me for details. 216 337 7530 Regards, Ray

Apr 12th 2017
1
0

We can do a conventional 3% down if you qualify. Call me at 517-489-2440 to get pre approved

Apr 12th 2017
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

The best answer is to get off the internet, and to contact a local mortgage broker in your area. Let them review your individual application, and give you an exact answer. Good credit and an OK down payment are a great start, but there is so much more to a loan approval. For quick pre-approval on home in MN, WI, and SD, visit me at www.JoeMetzler.com

Apr 13th 2017
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

The qualifications are too long to list here, but in short.. Conventional requires a minimum credit score of 620, and 3% down.. with a 700 fico, and 4% down, you have meet 2 of them.. Try reaching out to a local mortgage professional and let them look at your complete loan profile.. it takes 5 minutes, and then there's no more guessing or relying on bad "Internet" information. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 13th 2017
1
0
Subscribe to our news feed.