Understanding Conventional loans
Conventional Loan Guidelines
Learn more about conventional loan products for your clients.
Use this quick reference chart when your clients have questions about down payment requirements, credit score minimums, and occupancy types.
| Units | Primary Occupancy | Second Home | Investment | |||
|---|---|---|---|---|---|---|
| Min Down Payment | Min Credit Score | Min Down Payment | Min Credit Score | Min Down Payment | Min Credit Score | |
| 1 Unit | 3%* | 620 | 10% | 620 | 15% | 620 |
| 2–4 Units | 5% | 620 | N/A | N/A | 25% | 620 |
*For purchases with 3%–4.99% down, at least one borrower must be a first-time homebuyer.
Under 80% LTV, borrower will pay mortgage insurance.
~ Guidelines are subject to change and may not be updated here.