Conventional Loan Requirements
Conventional loans generally require:- A 620 minimum credit score,
- Maintain a job throughout entire loan application and payment process,
- No additional large purchases,
- A recent full exterior & interior appraisal,
- Cannot be used to purchase a mobile home or manufactured home.
Additionally, if the borrower is able to put 20% or more down, the PMI (or Private Mortgage Insurance) will no longer be required — this can end up saving you $200-$500 in monthly PMI fees.