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Conventional Loans
Home financing that is not insured or guaranteed by a federal government loan program.
๐ THE BASICS, SIMPLY EXPLAINEDKnow the starting points.
- ๐ฐ Down payment
- As low as 3% on eligible purchase programs
- ๐ Credit score
- 620 for Fannie Mae manual fixed-rate review; automated review differs
- ๐งฎ Debt-to-income (DTI)
- Fannie Mae: 36% manual baseline, up to 45% with conditions; up to 50% through DU
In simple terms
On a $300,000 purchase, 3% down means $9,000 toward the price. Closing costs are separate.
Fannie Maeโs automated system, Desktop Underwriter (DU), does not impose a single minimum score. Lenders may set their own minimums. The 3% programs have borrower, property, and other eligibility rules.
General guidance, not approval criteria for every lender. Credit, property, income, reserves, and program availability are reviewed together.
Understand DP, credit score, and DTI โWHO IT MAY SUITStart with your scenario.
For homebuyers or homeowners comparing financing based on their income, credit, funds, and property.
What to discuss
- Discuss occupancy, property type, income documentation, and the down payment.
- Compare the rate, term, fees, and mortgage insurance where applicable.
- Ask which program requirements apply to your particular scenario.
What determines my available options?
Your application, credit, income, assets, property, and lender requirements determine which options can be reviewed. A website description is not a qualification decision.
How do I get a personalized review?
Tell us your goal and property state, then use the application portal if you are ready to provide the required information. Availability and approval depend on lender requirements and applicable licensing.
Read official borrower guidance โ