{"id":52525,"date":"2016-04-26T09:37:28","date_gmt":"2016-04-26T09:37:28","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=3815"},"modified":"2024-10-14T12:43:11","modified_gmt":"2024-10-14T19:43:11","slug":"conventional-loan-definition-what-is-it-and-is-it-right-for-you","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/conventional-loan-definition-what-is-it-and-is-it-right-for-you\/","title":{"rendered":"What Is A Conventional Mortgage Loan?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Conventional loans are the only <a href=\"https:\/\/www.movoto.com\/blog\/8-different-types-of-home-loans\/\">mortgage type<\/a> not backed by the government and one of the most popular loans for home buyers. Instead, they are insured by private lenders, e.g. banks, credit unions, and mortgage companies. Typically, the timeline for closing with a conventional loan is between 30-60 days.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Requirements for Qualifying for a Conventional Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Requirements for conventional loans vary by lender, but are typically as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/the-basics-how-much-home-can-i-afford\/\"><b>Proof of Income:<\/b><\/a><span style=\"font-weight: 400;\"> A stable income is required, often with a minimum threshold of around $50,000 per year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Personal identification: <\/b><span style=\"font-weight: 400;\">You\u2019ll need a valid driver\u2019s license or state ID card and Social Security number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Credit scores<\/b><b> for eligibility: <\/b><span style=\"font-weight: 400;\">A minimum score of 620 is needed to qualify. However, a score that is <\/span><span style=\"font-weight: 400;\">740 or higher can help you get the best rates and allow for lower down payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/\">Debt to income (DTI) ratio<\/a>: <\/b><span style=\"font-weight: 400;\">Your DTI should generally be below 43% to 45%, though you may be able to go up to 50% for conforming loans.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\"><b>Down payment: <\/b><\/a><span style=\"font-weight: 400;\">While a 20% down payment is typical, many fixed-rate conventional loans for a primary residence allow for a down payment as low as 3% or 5%.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Private mortgage insurance (PMI):<\/b><span style=\"font-weight: 400;\"> If your down payment is less than 20%, you&#8217;ll need to pay for PMI on your loan.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Clean credit history: <\/b><span style=\"font-weight: 400;\">You should have no recent bankruptcy or foreclosure within the past 7 years.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Types of Conventional Loans<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Conforming loan:<\/b><span style=\"font-weight: 400;\"> Loans that follow guidelines established by <\/span><a href=\"https:\/\/www.fhfa.gov\/about-fannie-mae-freddie-mac\"><span style=\"font-weight: 400;\">Fannie Mae and Freddie Mac<\/span><\/a><span style=\"font-weight: 400;\">, two government-backed entities.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Jumbo loan:<\/b><span style=\"font-weight: 400;\"> A type of nonconforming loan that lets you borrow beyond the maximum limits of conforming loans. As a result, jumbo loans usually require a higher credit score, a lower debt-to-income (DTI) ratio, and a larger down payment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Subprime loan: <\/b><span style=\"font-weight: 400;\">A<\/span> <span style=\"font-weight: 400;\">non-conforming loan option for those who don\u2019t have a DTI below 50% and a credit score of 620 or higher.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Portfolio loan: <\/b><span style=\"font-weight: 400;\">A loan that is kept by the lender, rather than being sold on the secondary market. This allows for flexibility with eligibility requirements as it does not conform to Fannie Mae and Freddie Mac standards.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fixed-rate loan:<\/b><span style=\"font-weight: 400;\"> A loan with a stable interest rate that doesn\u2019t change during the loan\u2019s duration. Monthly payments will always stay the same.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Adjustable-rate loan:<\/b><span style=\"font-weight: 400;\"> A loan with an interest rate that changes over the course of its duration. For a set period, usually the first 3-10 years, it remains fixed and then it will start to increase.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Amortized conventional loans:<\/b><span style=\"font-weight: 400;\"> A loan where the borrower first pays off the interest followed by the principal until the loan is fully paid off.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Pros &amp; Cons of a Conventional Loan<\/span><\/h2>\n<h2><span style=\"font-weight: 400;\">Pros<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lower down payments\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher debt-to-income (DTI) ratios<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Greater flexibility with property types, including second homes and investment properties\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher loan limits, often exceeding those for <a href=\"https:\/\/www.movoto.com\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/\">FHA<\/a> or <a href=\"https:\/\/www.movoto.com\/blog\/what-is-a-usda-loan\/\">USDA loans<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Extended repayment periods, commonly 15-year and 30-year <a href=\"https:\/\/www.movoto.com\/blog\/different-mortgage-loan-terms-mean\/\">terms<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lower mortgage insurance rates compared to <\/span><a href=\"https:\/\/www.movoto.com\/blog\/what-is-an-fha-loan-and-who-can-apply-for-one\/\"><span style=\"font-weight: 400;\">FHA loans<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ability to cancel mortgage insurance once you achieve 20% equity in the home<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Cons<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strict credit score and DTI requirements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PMI premiums if your down payment is below 20%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additional costs for non-occupant borrowers, like those investing in Airbnb properties<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A 7-year waiting period if you have a previous foreclosure\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Conditions for Qualifying Properties<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Conventional loan home conditions are generally straightforward and do not require thorough inspections. Here are the main criteria:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Located in the U.S., Guam, Puerto Rico, or the U.S. Virgin Islands<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A single-family or multifamily home (no more than four units)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Classified as a residence (non-commercial)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Structurally secure and safe<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appraisal is required<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Conventional loans are the only mortgage type not backed by the government and one of the most popular loans for home buyers. Instead, they are insured by private lenders, e.g. banks, credit unions, and mortgage companies. Typically, the timeline for closing with a conventional loan is between 30-60 days. Requirements for Qualifying for a Conventional Loan Requirements for conventional loans vary by lender, but are typically as follows: Proof of Income: A stable income is required, often with a minimum threshold of around $50,000 per year. Personal identification: You\u2019ll need a valid driver\u2019s license or state ID card and Social [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":52774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[],"class_list":["post-52525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-loans","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securing a Conventional Loan: The Fine Print On This Popular Mortgage<\/title>\n<meta name=\"description\" content=\"If you&#039;re a homebuyer seeking a mortgage, a conventional loan is a popular choice that\u2019s worth exploring. But first, you\u2019ll need to know the specifics of this loan type, including the different variations and requirements. 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