Conventional Loan Requirements and Guidelines

A mortgage that is not backed by any Government agency is known as conventional loan. It is preferred by many borrowers as it provide higher loan limits than any governmental agency would provide. People opt for such a loan as it is available for second home and investment properties as well, whereas a government agency only provides loan for private residences.
There are certain conventional loan requirements that should be met. These include:

conventional-loan-Florida
  1.  The minimum credit score should be between 600-620.
  2.  A primary residence, a second home, vacation property and a rental property can be financed by a   conventional loan.
  3. The property type could include; single family homes, duplexes, 2 to 4-unit properties,   condominiums and townhouses.
  4.  The borrower should have sufficient funds to cover down payments and closing costs.

If you have a minimum credit score of 600 and want to avoid PMI than a conventional loan would suit you best. For people who have low debt to income ratios and need a loan amount that is above the loan limit of a government agency than conventional loan is a suitable option for them.

However, conventional loans could be difficult to get for people who are buying a house for the first time and have high credit scores. But Donovan Team Lending can ease this difficulty and help you get a conventional loan easily. To know more about them visit their website: www.donovanteamlending.com.
Contact them now, for a free consultation on conventionalloan, Florida.

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