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Conventional Loan


Today let us know about convention loan and its requirements For a conventional loan how much down payments do you need? What should be your credit score? What does your income need to look like? And what are some qualifications that the property you are looking at needs to have? The usual down payment needed to get a conventional loan is usually 5%down, but a conventional loan can also work up with 3% down too. The requirement being you need to be a first-time homebuyer or at least one person on your loan needs to be a first-time homebuyer to get 3% down, or you can qualify for the home ready or the home possible loans but those have an income limit that has actually just recently been shrunk by Fannie Mae and Freddie Mac so you can expect 5% down or it can go down to 3%

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