Are you a first time home buyer considering buying a home and want to use a conventional loan? What are the Conventional Loan Requirements for 2021? How do you get approved for a conventional loan? In this video, we discuss conventional loans in more detail from the credit score required, minimum down payment needed to what is required with regards to employment and assets.
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What is a conventional loan? A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. Conventional loans are much more common than government-backed financing.
Loan limit for standard and high balance conforming:
1 unit – $548,250 / $822,375
2 units -$702,000 / $1,053,000
3 units – $848,500 / $1,272,750
4 units – $1,054,500 / $1,581,750
Check the loan limits in your area:
Conventional loan requirements 2021:
✅FICO® score at least 620
✅3% minimal down payment required
✅MIP (Mortgage Insurance Premium ) is required when putting less than 20% down.
✅Debt-to-Income Ratio less than 36%. (Actually you can go much higher than this)
✅The home can be a primary residence, second home or investment property
✅Borrower must have steady income and proof of employment.
✅Assets may be required at closing.
Home Buying Videos You May Find Helpful:
➡HOW TO GET APPROVED FOR A HOME LOAN – First Time Home Buyer – https://youtu.be/K3_JTAMhhi4
➡5 Most IMPORTANT Steps to writing an offer on a house – First Time Home Buyer – https://youtu.be/Eskq9g_9sOo
➡ Buying Real Estate in a CRAZY Market – https://youtu.be/WLH0UlGmD9U
➡Step by Step Process of Buying a House in 2020 – https://youtu.be/myJ1h0ykhts
➡Do I get my deposit back if I cancel escrow? – https://youtu.be/0RMy9iNTu54
➡What Stays when buying or selling a house? – https://youtu.be/XH6c9-omN24
➡Appraisal vs Home Inspection – https://youtu.be/cwjokWbr1Go
FHA Videos You May Find Helpful:
➡How to calcuate PMI on a FHA Loan – How to get rid of PMI – FHA Loan 2020 – https://youtu.be/1UDea_zyhqM
➡FHA Loan Qualifications – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/1SC6WgAJ2yk
➡FHA Loan 2020 – FHA Loan Requirements – First Time Home Buyer – https://youtu.be/wp-2c_EdcrU
➡FHA Pros and Cons – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/fOWjRGQmKDM
➡Buying a home using FHA – First Time Home Buyer – FHA Loan 2020 – https://youtu.be/8KCzd8GPH_w
I hope you appreciate this update on conventional loans for first time home buyers for the housing market 2020 california as well as this real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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